Ethereum The wait continues for the Shapella hard fork, which will be completed very soon in the network. This update means withdrawal of staked ETHs.
The Shanghai upgrade, also known as the Shapella hard fork, is scheduled to happen on April 12 or in the next two days. The upgrade is expected to occur on April 12, at epoch 194,048. Data from Etherscan shows that more than 18.1 million ETH worth $33,700,844,064 have been staked on the network since Beacon Chain went live in December 2020. known.
What is Ethereum Shapella Update? What Should Investors Pay Attention To?
Lido, which holds 31% of the staked Ethereum tokens, will not allow stETH holders to use ETH initially. Lido will wait another two weeks as a “margin of safety”. On the other hand, Coinbase has announced that withdrawal requests can be made 24 hours after the upgrade.
Withdrawals of staked ETH have to wait to be processed to mitigate an exodus and worse security for Ethereum. Partial withdrawals would take 4-5 days, while it’s projected to take ~100 days for 1/3 of full withdrawals to happen, translating into $80M-$100M of $ETH being… https://t.co/4mV4JDXk3t
NEWS CONTINUES BELOW— IntoTheBlock (@intotheblock) April 10, 2023
According to analysis provided by IntoTheBlock, partial withdrawals will take four to five days. It is estimated that a third of all withdrawals will take more than 100 days to process. This means that between 80 million and 100 million dollars of ETH is withdrawn every day.
Danny, a DeFi analyst and former employee at the Phantom Foundation, is of the opinion that Ethereum can withdraw an estimated 50,400 ETH worth $95.7 million per day. So far, stakers have earned around one million ETH as rewards and will have access to them.
Critical Hours Have Begun for Ethereum
according to Danny Ethereum priceTech is at a critical juncture and facing a decline as it failed to break through the psychological $2,000 resistance in its latest climb. With the update in question, 18 million ETH will be included in the market and may create pressure in the short term. However, with the return of the stakers, the recovery in price will start again.
You can follow the current price action here.