What does the Shanghai upgrade mean for Bitbuy users?
The biggest difference after the Shanghai / Shapella upgrade will be the added ability to unstake ETH, and the unlocking of historic staking rewards earned to date.
Bitbuy automatically re-stakes the rewards for clients to maximize their rewards. For this, existing ETH stakers don't have to take any action. The below FAQ will answer some commonly asked questions:
1. Do I need to do anything if I already stake at Bitbuy?
No, your staking continues as usual. Bitbuy is celebrating the ETH upgrade with a promotional offer of higher staking rewards for the next month. If you are staking, you will automatically get the benefit of these rewards.
2. When is the upgrade, and will there be any downtime?
The hard fork is estimated to take place around 6:30pm EST on Apr 12, 2023. All ETH and ERC20 token deposits and withdrawals will be temporarily suspended an hour before the hard fork starts, and resume after it is completed and the network is stable.
Processing for ETH staking will be paused between 5:30 - 7:30 EST, and unstaking will be enabled at 7:30 EST.
3. If I unstake, when do the funds get released?
Any assets that are unstaked must go through an exit queue, which is expected to be 7 days.
If you have any ETH that has been recently staked, it will need to complete the standard bonding period of 14 days before going through the exit queue, and the total time to liquidity would be 21 days.
4. What happens when my historical rewards get unlocked from the smart contract?
To help compound your returns, we will restake your historical rewards once they become unlocked by the Ethereum network, Any restaked amounts will follow the standard 14 day bonding period before earning staking rewards.
5. How can Bitbuy provide extra rewards, and what happens after the promo period ends?
Bitbuy is able to increase client staking rewards by foregoing its staking fees. After the promo period of boosted rewards ends, regular fees resume, and users will continue earning staking rewards at the standard rates.
6. What are the new bonding / unbonding periods:
- Bonding period: 14 days
- Unbonding period: 7 days (expected)
- As you earn rewards in your Bituy account, we will automatically re-stake them to compound your staking rewards.