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Yup, you read that right: Starting in early May, Ethereum staking will finally be available on Bitpanda. We will be launching ETH staking soon after Ethereum’s anticipated Shanghai Upgrade, which is expected to take place on 12 April 2023 and will mark the completion of Ethereum’s transition to Proof-of-Stake. Here’s everything you need to know about ETH staking, the upgrade and what to do if you hold ETH.
The wait is nearly over! In early May, we will be making Ethereum staking available on the Bitpanda platform, which has one of the largest selections of staking coins in the world.
As the safety of our users and their funds remain our top priority, we are waiting until after Ethereum’s Shanghai Upgrade to make ETH staking available. Though it is still uncertain if the Shanghai upgrade will happen on April 12 and what the direct outcomes of the upgrade will be, rest assured that the Bitpanda team will be watching the developments closely. You can learn more about the Shanghai Upgrade and what it means for you below.
Currently, we’re working away diligently in the background to get ETH staking ready for you, so for now there’s nothing you need to do except to get excited and watch this space for more updates as they come in.
Bitpanda offers a simple, secure staking option for new and experienced investors alike. Enjoy weekly rewards, no lock-ins, no warm-up period, and earn even more staking rewards by becoming a Bitpanda Ecosystem Token (BEST) VIP. We regularly add new assets for staking, giving you even more ways to earn and diversify your portfolio.
The Ethereum Shanghai upgrade is the next major update to the Ethereum network and will mark the final phase of its transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. In a nutshell, the Shanghai upgrade will allow users who have deposited ETH to the Ethereum network via staking to withdraw their staked deposits as well as the rewards they have earned by staking ETH. If all goes according to plan, the Shanghai update is expected to go-live on 12 April 2023.
The Shanghai upgrade is important because it’s the final step in Ethereum’s transition to PoS.
In a PoS system, participants in the network (i.e. holders of that crypto) can get involved in proving the validity of network transactions and the creation of new blocks by holding a stake in the network by placing a certain amount of the network’s currency in a wallet connected to its blockchain.
It’s been possible to stake Ethereum since the December 2020 launch of the Beacon Chain, which was a separate blockchain that ran parallel to the main Ethereum blockchain for two years. In September 2022, the Ethereum mainnet merged with the Beacon Chain in an upgrade known as the Merge, which was the last major upgrade to the Ethereum network and a key turning point in its transition from PoW to PoS.
Since the launch of the Beacon Chain two years ago, ETH holders who have staked ETH haven’t been able to withdraw their staked ETH funds or the rewards they received from staking - this is changing with the Shanghai upgrade. ETH stakers can finally withdraw their funds and the move to the full PoS ecosystem will be complete.
If you hold ETH, you don’t need to do anything to protect your funds or wallet before the Shanghai upgrade. Bitpanda supports the upgrade and that means your assets are safe with us.
The information shared in this article does not constitute investment advice. Investing carries risks. Make sure to conduct your own research before concluding a transaction.
*Staking allows you to participate in transaction validation on Proof of Stake blockchains for which you will be rewarded. Make sure you understand the risks involved before staking any coins. Bitpanda does not guarantee any reward. More info in the T&Cs.
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