Expect a substantial increase in staking activity in the year following the Shanghai upgrade, Esin said in a statement. That’s a view shared by Alex Esin, chief executive officer of P2P.org, which offers institutional staking and blockchain development services. ![]() Zhuling Chen, chief executive officer of crypto staking service provider RockX, said some short-term market volatility is to be expected following the upgrade, but he preferred to focus on the “substantial” long-term benefits to the Ethereum blockchain. “Typically, selling pressure emerges when market participants are sitting on extreme profits, which is not the case right now for the Ether that has been staked,” CryptoQuant said.ĬryptoQuant also pointed out that the currently locked Ether cannot be withdrawn simultaneously, estimating it may take up to a year to withdraw the total value staked in the network, Other benefits Ether reached all time highs of more than US$4,600 in November 2021. “We argue that there would be low selling pressure for Ether from staking withdrawals after the Shanghai upgrade,” CryptoQuant said, adding that the majority of the staked Ether was still holding losses compared to Ether prices when it was staked. Ether has risen about 60% so far this year and recently traded at more than US$1,900.īut on-chain data provider CryptoQuant doesn’t expect a flood of Ether sales, according to a report it released in February. With around 18 million Ether (US$34.5 billion) – or about 15% of the total supply – staked into the network, according to Etherscan, concerns emerged that holders could rush to sell Ether to lock in profits, which would drive prices lower. This allows users to withdraw their staked Ether, or tokens deposited to support the operations of a blockchain in return for a passive income, usually in the form of more tokens. UTC on Wednesday, according to the Ethereum Foundation – is the EIP- 4 895. ![]() ![]() However, the main feature of the so-called Shanghai upgrade – to take place at 10:27 p.m. Developers at Ethereum, the world’s second-biggest blockchain with a capitalization of US$231 billion, are set to upgrade the software network on Wednesday with reported new features and improvements to efficiency, cost and security.
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