Ethereum braces for massive daily ETH withdrawals of up to $100 million in Shapella aftermath $ETH ShanghaiUpgrade
is about to complete its move to proof of stake. This will allow validators to withdraw ETH that has been staked.
The Shanghai upgrade, also known as the Shapella hard fork, is scheduled to occur on April 12 or within the next two days. The upgrade is anticipated to take place on April 12 at approximately 10:27 p.m. at epoch 194,048. Data from Etherscan shows that more than 18.1 million ETH worth $33,700,844,064 have been staked on the network since Beacon Chain went live in December 2020.
Withdrawals of staked ETH have to wait to be processed to prevent an exodus and worse security for Ethereum after the Shapella upgrade. Lido, which holds about 31% of all staked ETH, will not allow its users who hold staked ETH to redeem ETH initially, adding two weeks as a"safety margin." Coinbase, on the other hand, says withdrawal requests will be available 24 hours after the upgrade.
Withdrawals of staked ETH have to wait to be processed to mitigate an exodus and worse security for Ethereum. Partial withdrawals would take 4-5 days, while it's projected to take ~100 days for 1/3 of full withdrawals to happen, translating into $80M-$100M of
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum staking deposits dip due to regulatory pressure and Shapella upgradeEthereum staking deposits have started to slow as investors wait for the Shapella upgrade amid a backdrop of regulatory pressure in the US.
Read more »
The Bay Area’s economy of mud: Dredging concerns threaten jobs, $100 billion in assetsShipping in the Bay Area can only exist due to one unsung, unglamorous and Sisyphean task: pulling mud from the San Francisco Bay. That dredging process has enormous implications for the future of…
Read more »
EV registration rates haven't surged in the Midwest yetElectric vehicles are gaining popularity as a cleaner alternative to gasoline-powered cars, but obstacles like charging access and high prices are still preventing buyers from going electric.
Read more »
Ethereum (ETH) Hits New All-Time High Just in Time for Major Shanghai UpdateEthereum $ETH smashes all-time highs with holders number as Shanghai is almost here ethereum eth shanghai capella shapella ethereumnews
Read more »
Ethereum Shanghai hard fork: ETH price set for more gains versus Bitcoin in AprilEther has outperformed Bitcoin so far in April, rising 2.5% versus the latter's 1.5% drop.
Read more »