Key Ideas

• 24 hours after the Shapella upgrade, users will be able to withdraw their staked ETH from Coinbase.
• The staking procedure is controlled by the Ethereum protocol, so Coinbase has not yet calculated how long it will take to reverse the wager.
• Users of US exchanges might have to pay taxes on any rewards they receive both before and after the upgrade.

24 hours after Shanghai-Capella (Shapella) upgraded to the Ethereum network, according to a blog post by Coinbase.

Since ETH staking was introduced in December 2020, the Shanghai and Capella upgrade, also known as Shapella, will permit staking cancellations for the first time. Users can still withdraw their staked ETH even though the Ethereum Merge changed the network’s consensus mechanism from public proof of work (PoW) to proof of stake (PoS) in September 2022.

Users can cancel their ETH deposits on Coinbase after the upgrade is finished, according to the platform. However, there will be a waiting period for no-staking requests that is set by the Ethereum protocol.

“Customers may need to be patient: we anticipate the Ethereum protocol to take weeks to months to process no-staking requests immediately after the upgrade.”

No deposit requests will be made available to all Coinbase users simultaneously; instead, they will be sent to the Ethereum protocol and queued according to the time they are received.

Customers will typically be responsible for paying taxes on any rewards earned before and after the Shapella Upgrade because it permits canceling stakes and paying stake rewards.

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In accordance with general tax regulations, Coinbase will issue any necessary 1099-MISCs, including taxable activities associated with such assets, for U.S. Coinbase customers holding collateralized ETH (ETH2) or cbETH.

Users have been eagerly anticipating Ethereum upgrades this year because, starting in December 2020, stakingers will be able to unlock coins for the first time. As a result, there will be a high demand for staking on the network immediately following the upgrade.

At the same time, Lido Finance, the dominant liquid staking solution, made the decision to push back the unstake date to the middle of May. The justification given was the need for more time to check on-chain to guarantee user safety.