Unlocking Bitfinex’s ETH Pledge Rewards: A Step-by-Step Guide

04/27/2023 04:47 • Daily Digest • 115 views

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process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can then be traded, withdrawn, and so on.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

As of April 27th, Bitfinex customers can now release their Ethereum (ETH) pledge and withdraw their previously pledged ETH for the first time, allowing them to unlock their ETH pledge rewards. This upgrade is due to the new Ethereum Shapella release and has been highly anticipated by Bitfinex customers. However, the process to release the pledge and unlock the rewards may seem complex, so we have created a step-by-step guide to help customers navigate the process with ease.

Understanding the Process

Before we proceed with the guide, let’s briefly understand the process. Bitfinex customers who wish to release their pledge ETH2 or unlock ETH2Rewards must first use the currency conversion tool on the platform wallet page to convert these tokens to ETH2Unstacking. This conversion tool allows customers 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, the balance will be irreversibly converted to “ETH2Unstacking”. Based on the results of the unbinding process of pledged funds on the chain, the ETH2Unstacking balance will be converted to ETH, which can be traded, withdrawn, and so on.

Step-by-Step Guide

Now that you understand the process, let’s dive into the step-by-step guide to unlock your Bitfinex ETH pledge rewards.

Step 1: Log in to Your Account

The first step is to log in to your Bitfinex account.

Step 2: Go to Wallet Page

Once you have logged in, navigate to the wallet page.

Step 3: Access Currency Conversion Tool

On the wallet page, locate the currency conversion tool and click on it.

Step 4: Select “From” and “To”

In the currency conversion tool, select “ETH2-ETH2X” or “ETH2Rewards ETH2R” from the “From” drop-down menu, and select “ETH2Unstacking ETH2U” from the “to” drop-down menu.

Step 5: Input Number of ETH2 or ETH2Rewards

Input the number of ETH2 or ETH2Rewards you wish to cancel the pledge, based on your requirements.

Step 6: Complete Conversion

After inputting the number, click on the “Convert” button to complete the currency conversion.

Step 7: Receive ETH2Unstacking Balance

Upon completion of the conversion process, you will receive the ETH2Unstacking balance, which will be irreversibly converted.

Step 8: Wait for Unbinding Process

The next step is to wait for the unbinding process of pledged funds on the chain.

Step 9: Receive Converted ETH

Once the unbinding process is complete, the ETH2Unstacking balance will be converted to ETH, allowing you to trade, withdraw, and more.

Conclusion

The process of unlocking Bitfinex ETH pledge rewards may seem complicated, but with this step-by-step guide, it will be easier for customers to navigate the process. Bitfinex’s integration with Ethereum Shapella will not only provide customers with better user experience, but it also enhances the exchange’s capabilities.

FAQs

Q1: Can I still participate in the Bitfinex ETH pledge program after upgrading to Ethereum Shapella?

A: Yes, customers can still participate in the Bitfinex ETH pledge program after upgrading to Ethereum Shapella. The new release enhances Bitfinex’s capabilities and provides a better user experience for customers.

Q2: Can I unlock my pledged ETH at any time?

A: Customers can unlock their pledged ETH at any time after using the conversion tool. However, the timeline for unlocking the ETH will depend on the unbinding process of pledged funds on the chain.

Q3: How long does it take for the unbinding process to complete?

A: The timeline for the unbinding process of pledged funds on the chain will vary. Bitfinex will keep customers informed of any updates regarding the timeline.

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