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The Shapella hard fork has been successfully implemented on the Ethereum Mainnet, allowing Ethereum validators to withdraw their staked Ether (ETH) from the Beacon Chain.
This long-anticipated upgrade was activated at 10:27 PM UTC on April 12 at epoch number 194,048.
In the initial 20 minutes following the hard fork, a total of 3,355 Ether were released from 1,101 withdrawals, as reported by the Ethereum block explorer beaconchai.in.
Number of withdrawals, Ether processed and number of withdrawal validators. Source: beaconcha.in
At present, approximately 44% of validators, or 244,603 out of a total of 562,572 active validators, are eligible to request either a partial or full withdrawal.
The majority of current withdrawals are between 2.8 to 3.2 ETH, indicating that most of the withdrawals consist of rewards at this time.
The Ethereum Shapella upgrade has been activated and withdrawals are processing! pic.twitter.com/Krly5GB2K7
— eric.eth (@econoar) April 12, 2023
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Through Ethereum Improvement Proposal EIP-4895, staked ETH was transitioned from the Beacon Chain to the Ethereum Virtual Machine (EVM), also referred to as the execution layer, facilitating withdrawals.
This marks the most significant upgrade since The Merge on September 15, bringing Ethereum closer to a fully operational proof-of-stake system.
Ethereum proof-of-stake chain has upgraded to Shapella. Withdrawal is now enabled
This closes the loop of the original beacon chain design. Validator can deposit -> withdrawal.— terence.eth (@terencechain) April 12, 2023
The hard fork has the potential to unlock 18.1 million Ether, which currently amounts to over $34.8 billion.
However, several mechanisms are in place to mitigate a sudden influx of ETH supply into the market, as stated by the Ethereum Foundation.
Related: Less than 1% of staked ETH estimated to sell after Shanghai upgrade: Glassnode
The Ethereum Foundation organized an official watch party for the Shapella hard fork.
Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide
