Shanghai: Ethereum successfully upgrades

Ethereum now allows validators from remove from ethers placed in staking. The blockchain network has so far dealt with withdrawals totaling approximately 55,000 ETH.

As agreed, this Thursday, around 00:30, the Shanghai software updatealso named Shapella (Shanghai + Capella), has been activated on the Ethereum blockchain, ETH developer Tim Beiko confirmed.

Withdrawals are on Etherscan – you know it’s official 🫡 https://t.co/sDAG8JwUqx

– timbeiko.eth ☀️ (@TimBeiko) April 12, 2023

Thanks to Shanghaiwhich implements Ethereum Improvement Proposal (EIP) 4895, the blockchain network is finalizing its molt to a transaction validation mechanism Proof-of-stake adopted last fall with The Merge.

The network validators can now start to withdrawing ethers placed in staking. Deposits had been made since the end of 2020 and the digital coins, worth more than $34 billion, were locked until today.

Investors have their eyes on the cryptocurrency’s price this morning. With Shanghai, the validators could indeed direct its price by selling tokens.

According to the data provider Nansen, some 55,000 stashed ethers out of a total of 18 million have so far been withdrawn by validators, representing a value of approximately 100 million dollars. Note that a withdrawal does not necessarily mean a sale and that requests are processed progressively.

The Ethereum price hasn’t seen much fluctuation so far, peaking at $1928 after the update before falling back to $1902 later overnight and eventually bouncing back to $1915 this morning.

Ethereum (ETH) 24 hour price – Tradingview

Recently, analysts were reporting that a number of validators were now at a loss on their investment. Glassnode estimates that 170,000 ETH will be sold following the update. For Coin Metrics, validators are expected to withdraw 1.2 million tokens within five days of Shanghai, but the majority will nevertheless be returned to staking afterwards.

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