Cryptocurrency

Shanghai upgrade to include Ethereum unstaking

Hull Invest

Ethereum developers said the next Shanghai upgrade, scheduled for March, will add the ability to withdraw staked ETH. bloomberg news.

This confirmation brings welcome relief to stakeholders and vested interests who are seeing the light at the end of the tunnel following continued speculation about an indefinite token lock-in.

Since the Beacon Chain went live in November 2020, Ethereum deposited into the staking contract has been accumulating at a steady rate. Current, 15.9 million About $19.8 billion worth of ETH was deposited, accounting for 13.2% of the supply.

What will happen to Ethereum?

According to Messari data, Ethereum has the lowest staking rate among the major Proof of Stake (PoS) chains. Other important PoS chains have a staking rate of 46%, while BNB reaches 90%.

Staking rates of major PoS chains
Source: Messari.io

Twitter user @MStiive I look forward to it as March approaches.”sharp increaseOccurs on staked Ethereum, with higher staking rates and in line with other chains.

However, some speculate that enabling withdrawals would trigger a massive outflow of ETH, adding selling pressure to an already fragile market still reeling from last year’s scandal.

what to expect in shanghai

Shanghai is the next major upgrade for the Ethereum network following the September 2022 merge. Here are the main highlights to expect:

  • Reduced gas prices for layer 2 solutions. This could make Ethereum faster and cheaper to use in Shanghai and beyond.
  • Efficient data storage and access, such as removing historical block hash data in contracts.
  • Withdrawal of staked ETH, contract locks on staked tokens are removed, allowing unstaking.

Despite some bearish talk about Shanghai, @TheEliteCrypto We believe the upgrade will be a bullish driver for the second largest cryptocurrency, perhaps even triggering a return to pre-FTX price levels.

“Exciting thoughts about possible upgrades in Shanghai will boost the bullish trend. #ETHIt may even reach 1.6K. Good morning, fam!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button