Major Exchange Binance Will Support Ethereum (ETH) Shapella Upgrade on These Terms

Major crypto exchange Binance has officially announced support for the next big upgrade in Ethereum (ETH), Shapella. According to the latest data, this should happen at blockchain epoch 194,048, which corresponds to the date of April 12. The event will take place in accordance with the exchange’s rules, a list of which has been announced by Binance.

Thus, seven minutes before the approximate upgrade date, at 10:20 p.m. UTC, Binance will suspend withdrawals of both ETH and other tokens from the ERC-20 network. Trading in these tokens, however, will not be suspended. Further reopening of deposits and withdrawals of ERC-20 cryptocurrencies will be done without any notice. Of particular importance is Binance’s increase in the minimum unlock count of deposits on the Ethereum network from the current 12 blocks to 64.

Ethereum, Shanghai and Capella

The Shapella upgrade is a merger of two events, Shanghai and Capella. Both involve the release of Ethereum (ETH) from its staking, the only difference being the layers. Thus, Shanghai is responsible for the execution layer (EL) and Capella for the consensus layer (CL). As Shapella approaches, the Ethereum Foundation has doubled the bug bounty, to $500,000.

It is known that the upgrade will release an estimated 2.9 million ETH. However, exactly how many tokens will come out of the staking and what will happen to those millions next is a big question.