Seychelles-based cryptocurrency exchange OKX has announced that it will temporarily suspend deposits and withdrawals of ERC-20 tokens over Ethereum (ETH), Arbitrum (ARB), Optimisim (OP) networks due to the upcoming Ethereum Shapella upgrade.
OKX to suspend transactions in ETH, OP, ARB and ERC-20 tokens
Deposits and withdrawals of ETH, OP, ARB and ERC-20 tokens via cryptocurrency exchange OKX, Ethereum (ETH), Optimism (OP) and Arbitrum (ARB) networks will take place on April 12, 2023 at 9:30 UTC for approximately one hour. He said that it will be temporarily suspended on the crypto exchange for a period of time. The suspension will remain in effect until the Shapella upgrade is complete.
Additionally, interoperability platform Wanchain also announced that due to the upcoming Shapella upgrade, the WanBridge frontend will be temporarily unavailable starting April 12 at 10am UTC. As Cryptokoin.com previously reported, Binance is offering coins for ETH, OP, ARB and ERC-20 tokens over the Ethereum (ETH), Optimism (OP) and Arbitrum (ARB) networks, starting April 12 at 10:20 (UTC). will temporarily suspend deposits and withdrawals.
How will Ethereum react to the upgrade?
According to on-chain analytics platform IntoTheBlock, as of yesterday, a total of 3,614 out of 562,717 ETH validators have chosen to withdraw their ETH from staking.
The on-chain analytics firm says the Ethereum network may experience a drop at first due to withdrawals from staking, but the amount of ETH staked will likely increase in the weeks following the Shanghai hard-fork. This is because individual holders who were previously unsure about investing their holdings for an indefinite period may now slowly start to stake more. In addition, institutional investors who were previously unable to lock their limited partners’ capital into staking will now be able to earn returns on their ETH, eliminating previous risks. IntoTheBlock predicts that the increase in staking could reach 25% to 30% within a year.
Ethereum Shapella upgrade
“Shapella” is a derived upgrade name (Shanghai + Capella) to suggest simultaneous upgrading of two layers of the Blockchain. This is the first Ethereum network upgrade since the Merge upgrade.
The Shanghai upgrade will make changes to the Execution Tier, while the Capella upgrade will introduce some attribute changes to the Covenant Tier. The upgrade will deploy EIP-4895 to Execution clients to allow withdrawal of staked ETH for Ethereum validators, along with three other EIPs deployed on the main-net.
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