Ethereum (ETH) Rockets To All-Time High With Shanghai Upgrade

Key Points:

• Ethereum (ETH) hits record 97 million non-zero addresses ahead of major Shanghai update.
• 18 million ETH to be unlocked for staking participants, resulting in around 15% of coin’s supply becoming available.
• Four Ethereum improvement proposals to reduce network developer costs.

The Ethereum (ETH) blockchain has achieved a new milestone, with the number of non-zero addresses reaching an all-time high of 97 million, according to Glassnode data.

This is a remarkable achievement for the blockchain technology, which has been gaining tremendous traction in recent years. The surge in non-zero addresses indicates that more people are becoming interested in ETH, as they create wallets and invest in the cryptocurrency. Notably, this is a positive sign for the ecosystem, as it reflects the wider adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) built on top of the Ethereum network.

The upcoming Shanghai update, which is scheduled to take place in almost three days, on April 12, is one of the most anticipated events in the cryptocurrency world. The update will result in unlocking around 18 million ETH from staking for validators and other staking participants. This is a significant development, as some validators have been waiting for over two years for access to their locked Ethereum coins. Now, as part of the update, they will be able to collect their ETH and staking rewards, which amount to around 15% of the coin’s supply. It is important to note that staking rewards can be withdrawn immediately, but withdrawal by validators of the originally deposited ETH will be speed-limited.

However, unlocking ETH coins is just one aspect of the upcoming Shanghai update. In addition to this, Ethereum improvement proposals numbered 3651, 3855, 3860, and 6049 will also be put into effect. These proposals aim to reduce costs for network developers, making it easier and cheaper for them to build applications on the Ethereum network. This will, in turn, encourage more developers to build on Ethereum, leading to more innovation and growth in the ecosystem. All of these developments bode well for the future of Ethereum and the broader cryptocurrency market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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