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As the highly anticipated Shapella upgrade for Ethereum approaches, it appears that a minimal number of network participants intend to utilize the protocol modification right away.
According to data from IntoTheBlock, only 0.6% of Ethereum validators are looking to withdraw their stake following the hard fork.
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- As reported by the market intelligence firm on Tuesday, merely 3,614 out of 562,717 Ethereum validators had opted to withdraw their stake as of April 10.
- In the meantime, the upgrade is set to take place at block 6209536, which is scheduled for 10:27:35 PM UTC on April 12.
- The Shapella upgrade follows the notable Merge update from September 2022, which transitioned Ethereum’s consensus mechanism from proof of work to proof of stake. The previous method relied on energy to secure the blockchain, while the latter approach utilizes cryptocurrency and is regarded as more energy-efficient.
- Shapella merges the “Shanghai” and “Copella” upgrades, allowing ETH staking withdrawals on both Ethereum’s execution and consensus layers, respectively.
- This marks the first opportunity for users to withdraw their stake since the launch of Ethereum’s beacon chain in December 2020.
- An examination of Ethereum’s staking contract reveals that over 18.14 million ETH, valued at more than $34.7 billion, is currently staked on the platform. This accounts for approximately 15% of all ETH in circulation.
- There are concerns that enabling withdrawals could lead to a market sell-off from investors who might have otherwise liquidated their positions by now. Last month, cryptocurrency exchange Coinbase indicated that it expects a significant influx of withdrawal requests once the update is implemented, which could take “weeks to months” to completely process.
- After the Merge in September, Ethereum’s price experienced a decline shortly after an initial surge in anticipation of the upgrade.
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