The release of ETH has begun – The long-awaited Shanghai update has been successfully rolled out to Ethereum. This opens the possibility for validators to withdraw the ETH deposited in staking, as well as the accumulated rewards.
Shanghai successfully deployed on Ethereum
Deployment of updates Shanghai and Capella went off without a hitch on Ethereum. Thus, since yesterday around 10 p.m., validators have been able to join the queue for withdrawals.
This update marks a major turning point for the Ethereum network. In addition to finalizing the implementation of the Proof of Stake on the network, this marks the transition to a new stage in the Ethereum roadmap: The Surge.
This new stage will focus on improving the performance of second-layer solutions.
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44,150 withdrawals made
Of course, following the Shanghai rollout, many validators have taken to withdrawing their staking deposited ETH or their rewards.
Thus, according to data compiled by beaconcha.in, more than 44,000 withdrawals have already been processed by the network. However, at the scale of the network, this represents only a 0.5% decrease in the number of ETH deposited in staking.
In total, these validators withdrew 115,310 ETHis around $200 million. However, by analyzing the data, we can see that it is mostly partial withdrawals, probably accumulated rewards.
For his part, Nansen identified that more than 19,000 ETH were deposited in staking in the same period of time, bringing the net difference at 94,000 ETH.
For his part, the ETH price recorded a 6.2% increase following the Shanghai deployment.
Exchanges withdraw en masse
Among the largest recorded withdrawals, centralized trading platforms come out on top.
Thus, the trading platform Huobi is currently on the waiting list for the removal of 40,000 ETH deposited in staking.
For his part, the giant Kraken will withdraw all ETH deposited by its American users.
Indeed, the platform had been pinned down by US regulators, who banned it from providing its staking service to US residents. As explained by the platform on Twitter :
“For US customers who are unable to stake, once the Shapella upgrade is complete, any locked ETH will automatically enter the de-staking process. The duration of this process depends on the ETH protocol and is beyond Kraken’s control. »
Now the developers will be able to tackle the next mission of the roadmap, namely to improve the performance of rollups. The goal is to reach 100,000 transactions per second on these solutions.
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