Ethereum"s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6%
On Wednesday, April 12, 2023, at 6:30 p.m. Eastern Time, Ethereum’s Shapella upgrade was successfully implemented, enabling validators to withdraw staked ether. Data reveals that more than 860,000 ether is poised for unlocking, and 77,000 ether is expected to be withdrawn on Thursday. Ether’s price has experienced a surge, rising 6% against the U.S. dollar within the past 24 hours. Staked Ether Can Now be Withdrawn Following the Network’s Shapella Upgrade
Ethereum underwent a substantial update on April 12 when the Shapella hard fork launched, allowing validators to access their staked coins. This marks Ethereum’s first major development since The Merge—the transition from proof-of-work (PoW) to proof-of-stake (PoS). The hard fork officially took effect at epoch 194,048 or 6:30 p.m. (ET) on Wednesday.
Since the upgrade, numerous validators have prepared to withdraw their staked ether. However, ether withdrawal restrictions include a daily limit and a waiting list for validators. Withdrawals are available in two forms: those for reward withdrawals and those for the required 32-ether validator withdrawals. Ethereum Shanghai Unlock stats, according to token.unlocks.app.
As of 9:30 a.m. (ET) on Thursday, April 13, 2023, over 860,000 ether—valued at $1.71 billion using current exchange rates—are awaiting withdrawal. A staggering 17.46 million ether worth more than $34 billion is currently locked for staking purposes. The annual percentage rate (APR) for staking ether stands at 5.06%.
Despite the upgrade, Ethereum network transaction fees have remained relatively stable. The average transaction fee on Thursday is approximately 0.0029 ETH or $5.72 per transfer, while the median fee hovers around 0.0013 ETH or $2.66 per transfer. On Thursday, ethereum (ETH) climbed above $2k per unit, reflecting a 6% increase over the past 24 hours. Additionally, ETH dominance has risen to encompass 19.3% of the entire crypto-economy with a market cap surpassing $241 billion.
What do you think the successful implementation of the Shapella hard fork means for Ethereum’s future and the wider cryptocurrency market? Share your thoughts and predictions in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. London Stock Exchange"s LCH SA to Clear Bitcoin Futures and Options on GFO-X Through New Service NEWS | 3 hours ago ETHGlobal Hackathon Kicks Off in Tokyo With First Ever Pragma Summit NEWS | 4 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, token.unlocks.app Previous articleBiggest Movers: DOGE Snaps Losing Streak as SOL Hits Fresh 6-Week High Next articleBrazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design