Since Ethereum’s Shanghai hard fork went live, more than one million ether coins have been withdrawn, marking a significant milestone in the development of the Ethereum network. The upgrade package, called Shapella, was activated on April 12 at block height 6209536, allowing Ethereum stakes to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020. Data from token.unlocks shows that the total amount of withdrawn ether currently stands at 1.02 million coins, while deposited ether since the Shanghai hard fork stands at 373,040, resulting in a net staking balance of -646,210.
The Shanghai hard fork is one of the many upgrades that Ethereum has undergone in recent years as part of its transition from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) one. The PoS model allows users to stake their ether as collateral and validate transactions in return for rewards. The Shapella upgrade package is part of Ethereum’s transition to PoS, enabling users to withdraw their staked ether for the first time. The development is significant because it marks a significant step in the evolution of Ethereum’s PoS system. The successful withdrawal of staked ether highlights users’ confidence in the new system, and it will encourage more users to stake their ether in the future.
The price of ether has increased over the same time frame, currently sitting around $2,100. The price surge is attributed to various factors, including the successful launch of the Berlin upgrade, which went live on April 15, and the increased interest in Ethereum as a result of its transition to PoS. Just under 15% of the total ether supply remains deposited (excluding staking rewards), accounting for 17.30 million ether, worth roughly $36.1 billion. The total amount of ether pending withdrawal (including rewards) fell below $2 billion after topping $3 billion yesterday. Currently, 877,880 ether is queued for withdrawal, amounting to $1.84 billion. Moreover, an estimated $62.65 million withdrawal is expected over the next 11 hours, creating a daily withdrawal average of $125.23 million per day. This amount will likely increase significantly as more users continue to stake their ether.
Ethereum has been experiencing a significant amount of activity since the implementation of its Shanghai hard fork, particularly when it comes to staking. In fact, just over a million Ether coins have been withdrawn since the Shapella upgrade went live, and the price of Ether has increased over the same time period to around $2,100. The Shanghai hard fork, which is part of the Shapella upgrade package, was launched at block height 6209536 on April 12th, just before 6:30 p.m. EDT. With this new implementation, Ethereum stakers could withdraw their Ether rewards for the first time since Beacon-chain deposits began in late 2020. According to data from token.unlocks, the total amount of withdrawn Ether currently stands at 1.02 million coins. Meanwhile, deposited Ether since the Shanghai hard fork amounts to 373,040, resulting in a net staking balance of -646,210. Token.unlocks charts show that the amount of Ether withdrawn hourly has been on a downward trend. In terms of the current staking picture on Ethereum, just under 15% of the total Ether supply remains deposited, excluding staking rewards. This accounts for 17.30 million Ether, worth roughly $36.1 billion. The total amount of Ether pending withdrawal, including rewards, fell below $2 billion after topping $3 billion yesterday.
There are 877,880 Ether queued for withdrawal, amounting to $1.84 billion. An estimated $62.65 million is expected to be withdrawn over the next 11 hours, resulting in a daily withdrawal average of $125.23 million per day. Despite the high levels of staking and withdrawal activity, the price of Ether has remained steady at around $2,100 per coin. The staking APR, or the interest rate for running an Ethereum validator, is just under 5%. The Shanghai hard fork has been a game changer for Ethereum, and it will be interesting to see how the staking landscape evolves over time.
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