Investors are finally set to gain access to more than $33 billion of ether this week under a planned revamp of the blockchain.
Reuters GraphicsShapella would mark the end of a long wait for investors who had opted to deposit ether in exchange for a yield since the staking project began in 2020.last year, which ditched energy-intensive mining and moving to a "proof-of-stake" system where ether owners lock up 32 coins to check new records on the blockchain, earning new ether on top of their "staked" coins.
"Before Shanghai, a lot of people and institutions probably chose not to stake their ether because, once they did, it would have been locked up for an undefined period of time, which was risky," said Dave Weisberger, CEO of digital assets trading platform CoinRoutes. The market value of tokens behind projects like Lido Finance and Rocket Pool, some of the largest projects providing liquidity for crypto staking, have soared nearly six times to $2 billion and four times to $875 million respectively this year, according to CoinMarketCap, on expectations of further growth.
So what manner of investors are likely to enter the market following the changes wrought by Shapella?
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