• Ethereum Unstaking Requests have Piled Up After Shanghai Upgrade for up to 2 Weeks Wait
• Ether (ETH) Reached its Highest Point Since August After Successful Network Upgrade Called Shanghai, or Shapella
• The Number of Validators Waiting for Redemptions has Grown to About 17,000 for Full Withdrawals and 285,000 for Partial Withdrawals
Ethereum Unstaking Requests Pile Up After Shanghai Upgrade
The successful network upgrade called Shanghai, or Shapella, has caused Ethereum validators to put in requests to unstake ether (ETH) from the blockchain. As a result, the queue to get the cryptocurrency out has backed up to two weeks.
Ether Reaches Highest Point Since August After Successful Network Upgrade
Following Wednesday’s Shanghai upgrade, also referred to as Shapella – the “hard fork” or series of blockchain code changes that enabled staked ETH withdrawals for the first time – Ether (ETH) surpassed $2,000 on Thursday and reached its highest point since August. This positive outcome was due to Vitalik Buterin’s statement about being “in a stage where the hardest and fastest parts of the Ethereum protocol’s transition are basically over.”
Number Of Validators Waiting For Redemptions Increases
The number of validators waiting for redemptions has grown significantly following the successful upgrade with approximately 17,000 requesting full withdrawals and 285,000 requesting partial withdrawals. These numbers are estimated by Rated Network’s explorer and Nansen’s blockchain analysis firm.
Featured Speaker: Deep Dive Into Ethereum Advancements In 2023
Margaux Nijkerk reports on blockchain protocols with a focus on the Ethereum ecosystem. Those who are interested in exploring advancements defining the Ethereum community in 2023 can join an hour-long session at Austin Convention Center titled ‘Deep Dive: Ethereum’.
Conclusion
Ether (ETH) reached an all-time high after launch of successful network upgrade called Shanghai as many validators requested unstaking from blockchain leading to longer wait times of up to two weeks. Margaux Nijkerk reports that those interested in further exploring advancements defining the Ethereum community can attend an hour-long session at Austin Convention Center titled ‘Deep Dive: Ethereum’.