How to Unstake swETH Using Swell's Barracuda Upgrade: A Step-by-Step Guide
Learn how to easily unstake your swETH and withdraw ETH through the Swell app with the Barracuda upgrade. This comprehensive how-to guide walks you through each step, complete with illustrations to ensure a smooth withdrawal process.
How to Unstake swETH Using Swell's Barracuda Upgrade: A Step-by-Step Guide
If you're looking to withdraw your staked swETH tokens and convert them back into ETH, Swell's Barracuda upgrade has simplified this process considerably. This upgrade ensures stakers can exit swETH holdings at the primary market rate without depending on potentially volatile secondary markets.
Whether you're new to staking or just want a clear walkthrough, this guide will take you through every step of unstaking swETH from the Swell app, complete with helpful visual aids.
What is swETH Unstaking?
Unstaking swETH means withdrawing your staked ETH holdings from Swell DAO validators, converting your swETH tokens back to ETH. With Barracuda, all this happens transparently and efficiently within the Swell ecosystem.
Why unstake swETH?
- Retrieve your original ETH stake along with accrued rewards.
- Move your assets for liquidity or other investments.
- Exit staking positions according to your financial plans.
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Step-by-Step Instructions to Unstake swETH
1. Request to Unstake
Login to your Swell app, and navigate to the Stake section.
- Click the arrow below the 'Stake' button to open the unstake input.
- Enter the amount of swETH you want to withdraw.
- Confirm your request.
2. Receive Your Withdrawal NFT
Upon submitting your unstake request, Swell generates a unique NFT called the swEXIT NFT. This NFT represents your withdrawal request and serves as a claim ticket for your ETH once the withdrawal period completes.
3. Wait for the Unstaking Period (1-7 Days or More)
Your withdrawal request will undergo an unstaking process involving validator exits and blockchain validations.
Key Points:
- The usual unstaking timeline ranges from 1 to 7 days, with some cases taking up to 12 days or more.
- Delay factors include:
- Beacon chain exit queue length.
- Validator exit sweeps.
- Volume of unstaking requests in the system.
Understanding this waiting period is vital — no action is required on your part during this time.
4. Claim Your ETH
Once your unstaking period is complete and your ETH is ready to be withdrawn, return to the Swell app.
- Navigate to your withdrawal requests.
- Find the swEXIT NFT tied to your unstaking.
- Click the claim button to redeem your ETH.
The swEXIT NFT will be automatically burned upon successful withdrawal.
Frequently Asked Questions (FAQ)
Q: Can I swap swETH directly for rswETH?
A: Soon! The upcoming rswETH v2 upgrade will allow direct restaking of swETH into rswETH, making swaps more gas-efficient by reducing multiple transactions into two.
Q: Are there any fees for withdrawal?
A: Swell does not charge withdrawal fees, but Ethereum gas fees apply.
Q: How long do withdrawals take?
A: Withdrawal times vary from 1 day to over a week depending on the queue and network conditions.
Q: Can I cancel a withdrawal?
A: No, once a withdrawal request is submitted, it cannot be canceled until the validator exit process is complete.
Q: What is the minimum withdrawal amount?
A: Minimum withdrawal is 0.005 ETH per transaction.
Q: What is the maximum withdrawal amount?
A: Each withdrawal is capped at 500 ETH but you can make multiple withdrawals.
Q: What about the swEXIT NFT? Can I transfer it?
A: Yes, the swEXIT NFT represents your withdrawal claim and can be transferred or sold. However, transferring it forfeits your claim to ETH.
Final Tips
- Monitor your withdrawal requests in the Swell app for status updates.
- Keep your wallet secure, especially if you decide to hold or transfer your swEXIT NFT.
- Join the Swell Discord community if you have questions or need support.
By following this guide, you can confidently manage your swETH unstaking and ETH withdrawals with ease thanks to Swell's Barracuda upgrade. Happy staking!