#How to Release Pledge ETH and Unlock ETH Pledge Rewards on Bitfinex After the Ethereum Shapella Upgrade

On April 27th, it was reported that after the upgrade of Ethereum Shapella, Bitfinex customers can now release their pledge and withdraw their previously pledged ETH for the first time, and unlock their ETH pledge rewards. If you want to release the pledge ETH2 or unlock ETH2Rewards, Bitfinex customers first need to use the currency conversion tool on the platform wallet page to convert their ETH2 or ETH2Rewards to ETH2Unstacking. Bitfinex customers need to input the number of ETH2 or ETH2Rewards they wish to cancel the pledge, and then select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu, and select “ETH2Unstacking ETH2U” from the “to” drop-down menu. After completing the conversion, its balance will be irreversibly converted to “ETH2Unstacking”, and based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.

Bitfinex releases a notice introducing the ETH for releasing pledges and the process for extracting pledge rewards after upgrading Shapella

Are you a Bitfinex customer who has pledged ETH and is wondering how to release your pledge and unlock your ETH pledge rewards after the Ethereum Shapella upgrade? This article will guide you step-by-step on how to do it.
##Overview
On April 27th, Bitfinex announced that its customers could now release their pledge and withdraw their previously pledged ETH for the first time after the Ethereum Shapella upgrade. However, to do so, Bitfinex customers first need to use the currency conversion tool on the platform wallet page to convert their ETH2 or ETH2Rewards to ETH2Unstacking. After the conversion, the customer’s balance will be irreversibly converted to “ETH2Unstacking”, and based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.
##Table of Contents
1. What is Ethereum Shapella upgrade?
2. What is ETH2 and ETH2Rewards pledge on Bitfinex?
3. How to release pledge ETH and unlock ETH pledge rewards?
4. Benefits of releasing pledge ETH and unlocking ETH pledge rewards
5. Risks of releasing pledge ETH and unlocking ETH pledge rewards
6. Conclusion
7. FAQs
##What is Ethereum Shapella upgrade?
The Ethereum Shapella upgrade is a major upgrade that aims to improve the scalability, security and sustainability of the Ethereum network. It is also known as Ethereum 2.0, and it will introduce a new proof-of-stake consensus mechanism to replace the current proof-of-work mechanism. This upgrade will also introduce new features like sharding, which will improve the network’s capacity to process transactions.
##What is ETH2 and ETH2Rewards pledge on Bitfinex?
ETH2 and ETH2Rewards pledge on Bitfinex are the two ways in which customers can participate in the Ethereum staking program. ETH2 is a new token that represents the staked amount of ETH, and ETH2Rewards is the rewards earned from staking. Customers can pledge their ETH to Bitfinex and earn rewards based on their staked amount. However, customers cannot withdraw their pledge or rewards until the Ethereum Shapella upgrade is complete.
##How to release pledge ETH and unlock ETH pledge rewards?
To release pledge ETH and unlock ETH pledge rewards, Bitfinex customers first need to go to the platform wallet page and use the currency conversion tool. Here are the steps:
1. Input the number of ETH2 or ETH2Rewards you wish to cancel the pledge.
2. Select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu.
3. Select “ETH2Unstacking ETH2U” from the “to” drop-down menu.
4. Complete the conversion.
After completing the conversion, the customer’s balance will be irreversibly converted to “ETH2Unstacking”, and based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn and so on.
##Benefits of releasing pledge ETH and unlocking ETH pledge rewards
Releasing pledge ETH and unlocking ETH pledge rewards have several benefits, including:
1. liquidity – customers can trade or withdraw the ETH, which was previously locked up in the pledge, increasing their liquidity.
2. flexibility – customers can use the released ETH for different purposes, such as investing, buying goods and services, or simply holding the ETH.
3. higher yields – customers who release their pledge and unlock rewards now have the flexibility to re-stake their ETH at different rates and prices, which affects the yield they can earn.
##Risks of releasing pledge ETH and unlocking ETH pledge rewards
Releasing pledge ETH and unlocking ETH pledge rewards do have some risks, including:
1. loss of rewards – customers can lose some or all of their rewards if they release their pledge before the Ethereum Shapella upgrade is complete.
2. price fluctuations – once the ETH is released, the value of the customer’s holdings can fluctuate depending on the market conditions.
3. reduced staking efficiency – customers may not be able to participate fully in the staking program after releasing their pledge, reducing their staking efficiency.
##Conclusion
In conclusion, releasing pledge ETH and unlocking ETH pledge rewards on Bitfinex after the Ethereum Shapella upgrade is a simple process that requires the use of the currency conversion tool on the platform wallet page. By releasing pledge ETH and unlocking ETH pledge rewards, customers can increase their liquidity, flexibility, and higher yields, but they also face some risks, such as loss of rewards, price fluctuations, and reduced staking efficiency. It is essential to consider the benefits and risks carefully before releasing pledge and unlocking rewards.
##FAQs
1. Can customers release their pledge and unlock their rewards while the Ethereum Shapella upgrade is still ongoing?
No, customers cannot release their pledge and unlock their rewards while the Ethereum Shapella upgrade is still ongoing. They need to wait until the upgrade is complete before releasing and unlocking.
2. Is there a minimum amount of pledge or rewards that customers need to have before releasing and unlocking?
No, there is no minimum amount of pledge or rewards that customers need to have before releasing and unlocking. They can release and unlock any amount they wish as long as they use the currency conversion tool on the platform wallet page.
3. How long does it take for the converted ETH2Unstacking to be converted to ETH?
The conversion of ETH2Unstacking to ETH depends on the results of the unbinding process of pledged funds on the chain, and it can take some time to complete. Customers should check their balance regularly and contact Bitfinex support if they encounter any issues.
##Keywords
Bitfinex, Ethereum Shapella upgrade, ETH2, ETH2Rewards, pledge, release, unlock, rewards, currency conversion tool, liquidity, flexibility, yields, risks, rewards loss, price fluctuations, reduced staking efficiency.