ETH Shanghai Upgrade Successfully With 18.15 Million ETH Committed Accumulation

Key Points:

• The most significant upgrade of ETH Shanghai in 2023 has officially gone live.
• The current amount of committed Ethereum is about 18.15 million units, the commitment rate is 15.07%, and the annual rate of return is 3.76%.
• After the upgrade, the net withdrawal amount exceeded 10,000 ETH, but this did not affect the price of ETH too much as it remained within the inflow range.

Ethereum’s most important ETH Shanghai upgrade in 2023 long awaited by the community – has officially been successfully activated.

The Shanghai upgrade (Shapella) was successfully deployed at epoch 194,048, as scheduled.

The Shanghai hard fork is a significant milestone to change the Ethereum network. “Shapella” is the next upgrade in the predetermined roadmap after The Merge. One of the crucial proposals above is EIP-4895, which helps unlock the “huge” amount of staking ETH for Ethereum 2.0 belonging to The Merge.

Ethereum has opened a staking contract for ETH 2.0 since December 2020, meaning it has been almost 3 years since the money was detained. Currently, the amount locked has reached more than 18.15 million ETH, worth about 34,5 billion USD, at the price of 1,1917 USD/ETH. These coins represent about 15% of all ETH in circulation. Therefore, the price of ETH in the upcoming leg will be significantly affected if stakers decide to take profits after 3 years.

After the upgrade, the net withdrawal amount exceeded 10,000 ETH. However, according to Glassnode’s analysis, even in the most extreme case where all of the above ETH is dumped, the selling force is still within the average weekly inflow of Ethereum, Glassnode asserts.

Besides, there is currently about 350,000 ETH waiting for withdrawal, worth about $561.41 million; there are a total of 257,000 verifiers in the network, of which 2,000 verifiers are fully withdrawn, and the rest are partially withdrawn.

As such, those who have directly staked 32 ETH as an independent validator, can only withdraw the reward – that is, the profit from the original amount of ETH that has been staked, or request to withdraw both capital and interest from its blockchain. The second option can take several days to complete.

As for those who choose to stake through intermediaries, checking the ETH unlock schedule for each platform will be necessary. According to the announcement, Lido will open ETH withdrawals in mid-May – to the protocol’s own upgrade; Coinbase will begin processing unstaking requests approximately 24 hours after Shapella; while Rocket Pool has yet to announce when to unlock ETH.

The price of Ethereum, without too much volatility remained at $1,902.81.

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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