Last night, the Shapella update was successfully performed on the Ethereum blockchain, paving the way for the withdrawal of ETH. Despite the fears that some players may have expressed, are these withdrawals really significant for the moment?
Ethereum (ETH) successfully completes Shapella update
That night, shortly after midnight, the Shapella update has become effective on the Ethereum blockchain. It was a double upgrade comprising on the one hand the consensus part with Capella, and the execution layer with Shanghai.
⚙️ The update of #Shapella (Shanghai and Capella) of blockchain #Ethereum has been deployed successfully! 🔥
Validators now have the ability to withdraw their $ETH which were until now locked in staking. pic.twitter.com/CFTAhtLmu4
—Cryptoast (@CryptoastMedia) April 13, 2023
It was a highly anticipated event, which thus finalizes The Merge of Ethereum, paving the way for the withdrawal of ETH staked on the Beacon Chain smart contract. Indeed, the first ETH were deposited from November 3, 2020, and had since been locked.
If some could fear a massive withdrawal, this scenario has not yet taken place. And for good reason, when writing these lines, it was more than 85,000 ETH that had been withdrawnwhich certainly represents more than 163 million dollars, but it is barely 0.46% of the total amount staked.
Of course, these withdrawals will increase day by day, but the current behavior of investors does not particularly indicate a desire to sell quickly. Even better, this possibility of withdrawal, now paves the way for more new entrantswho could be held back by the possibility of having to wait an indefinite period to withdraw their funds.
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Now the Etherscan blockchain explorer allows visualization the number of withdrawals made within each new block :
Number of transactions involving ETH withdrawal in block 17036891
Regarding the price of ETH, it too has not observed any major trend change and currently trades at $1,920an increase of 2.9% in the space of 24 hours.
While this update is historic, it is just one of the many changes that await this great world computer that is Ethereum over the years, in order to improve its efficiency.
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Source: Etherscan
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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