Ether Staking Withdrawals Now Available After Ethereum Shanghai Upgrade

Twitter icon  •  Published hace 11 meses  •  Hassan Maishera

Ethereum network has completed the anticipated Shanghai upgrade, allowing users to unstake their coins and complete the transition to a proof of stake protocol.

TL;DR

  • The Ethereum network has completed the Shanghai upgrade, ushering in the era of staking withdrawals.

  • ETH is still trading around the $1,900 region despite the hard fork.

Ethereum Network Completes The Shanghai Upgrade

The Ethereum network has completed the Shanghai upgrade. This latest development means that the staked Ether coins can now be unstaked on the Ethereum network.

The Shanghai hard fork was executed at 22:27 UTC, and finalized at about 22:42 UTC. according to the data obtained frm beaconcha.in, approximately 285 (around 5,413 ETH) withdrawals in epoch 194,408 had been processed an hour after the upgrade was completed. 

The upgrade has been recognized as a historic milestone by the Ethereum community as it completes multi-year transition to a full proof-of-stake network.

The Ethereum network’s switch to a proof-of-stake protocol stems frm the desire to leave less carbon footprint. The Ethereum network was previously a proof-of-work protocol, where miners are in charge of validating transactions and mining coins on the blockchain. 

With the PoS protocol, users can stake their coins, allowing them to take part in governance of the blockchain and earning extra income for their effort. 

The price of Ether, the second-largest cryptocurrency by market cap, is starting to improve following the completion of the hard fork. Ether is up by more than 6% in the last 24 hours and is now trading close to the $2k psychologic level. 

Approximately 4000 people tuned into a Shapella Mainnet Watch Party hosted by Ethereum Cat Herders. During the livestream, Vitalik Buterin, the co-founder of tyhe Ethereum blockchain, pointed out that the hardest and fastest parts of the Ethereum protocol's transition are basically over. Very significant things still need to be done, but those very significant things can be safely done at a slower pace

He added that scaling transactions on the Ethereum network is the next issue that the blockchain need to handle following Shanghai. He stated that;

"If we don't fix scaling before the next bull run, we know people are going to be stuck paying $500 transactions. If, on the other hand, we don't have Verkle Trees before the next bull run, well, things might suck, but you know, it's a much smaller problem than, you know, $500 transactions, right?"

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.