Coinbase has warned its users that deleting ETH requests on its platform may take weeks or even months to process after the next Ethereum network upgrade in mid-April. The Shapella upgrade will allow participants to withdraw their ETH holdings after they were locked up during the Ethereum Merge event in September 2022, which transitioned the network from proof-of-work (PoW) to proof-of-stake (PoS).
Coinbase anticipates a flood of unlock requests once the functionality is enabled, but as a channel for passing unlocked ETH to clients once released by the protocol, it has no control over on-chain request processing. Deletion requests will be opened to all Coinbase clients at the same time and will be queued based on when they are received.
While Coinbase cannot give an exact timeframe for removal, it expects considerable wait times due to the time it takes for the Ethereum network to process transactions. Meanwhile, Coinbase offers a liquid staking option called “cbETH”, which allows participants to trade ETH while it is still locked up, with the promise of redeeming it at a later date.
The Ethereum merger was a major milestone for the scalability of the network, the transition from PoW to PoS to reduce power consumption and improve transaction processing times. While the Ethereum network remains the leading platform for decentralized applications and smart contracts, ETH participants have not been able to access their assets since the Merger. The upcoming Shapella update will finally provide a fix, allowing users to withdraw their staked ETH and stake more without being subject to an indefinite lockout period.
Overall, Coinbase’s warning about possible delays in removing ETH highlights the complexities and limitations of on-chain processing. While the Ethereum network continues to evolve and improve, users should be patient and consider alternative options like Coinbase’s cbETH to mitigate the issue of locked assets.
