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Validators Withdraw over 21k ETH Just 2 Hours After Ethereum’s Shanghai Upgrade

The Ethereum network completed its highly anticipated upgrade, known as the Shanghai hard fork or Shapella, on April 12, 2023, at 10:27 p.m. UTC. This upgrade brings many changes to the network, including the ability for validators to withdraw their staked funds for the first time.

According to reports from token.unlocks, just two hours after the upgrade, 21,160 ETHs were withdrawn, and 128 ETHs were deposited. The number of ETHs yet to be withdrawn is 321,440, equivalent to around $563 million. The amount of ETH staked currently stands at 17.96 million ETH.

Source: Token Unlocks

Blockchain analytics firm Nansen reported that Huobi ranks first with 29.8% of entities waiting to cancel their ETH staking. Other entities waiting to cancel their ETH staking include Others (20.9%), PieDAO (17%), Heavy Dex Trader 0xa3d (10.9%), and Kraken (5.88%).

The successful implementation of the Shanghai upgrade is a significant milestone for Ethereum and its users. The upgrade brings many new features, including the ability for validators to withdraw staked funds, which can potentially lead to an increase in the overall number of validators and, consequently, a more secure network.

The withdrawals from staking could potentially lead to a decrease in the network’s security and an increase in transaction fees. However, the impact of these withdrawals on the market is yet to be seen.

Despite the recent withdrawals, there is still significant interest in staking on the network. Moreover, the current percentage of ETH staked is only around 8%, which means that there is still plenty of room for growth in the staking market.

The Shanghai hard fork is a significant milestone for Ethereum and its users. The successful upgrade allows validators to withdraw their staked funds for the first time, potentially leading to an increase in the overall number of validators and a more secure network. While some users have opted to withdraw their staked ETH, there is still plenty of interest in staking on the network, and it will be interesting to see how the market evolves in the future.

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