The launch of the Shapella Upgrade was followed by a noticeable spike in exchange inflows, signaling a short-term sell pressure for ETH. Contrary to fears of an imminent price drop, ETH was up 2.62% to $1917.68, at the time of writing,
Ethereum’s Holy Grail
The Shapella Upgrade combines changes to Ethereum’s execution layer , consensus layer , and the Engine API. Stakeholders can now withdraw both their staked ETH and any earned staking incentives, thanks to the upgrade, marking a complete transition from the proof-of-work to the proof-of-stake algorithm.
The upgrade was also expected to reduce gas fees in certain instances and improve the network’s scalability“The Shapell Upgrade closes the loop on the key aspects of the PoS transition that couldn’t make it to the Merge last year. The immediate next focus is scaling, and a lot of work is going on for EIP-4844.”
As per Nansen, the total amount of ETH staked in the chain’s smart contracts was 18,169,175 at press time. The staking ratio, or the percentage of tokens being staked out of ETH’s circulation supply, was 15.09%, significantly increasing from 13% at the start of the year., controlled the highest percentage of the total quantity of withdrawable ETH at 27%, followed by PieDAO, a decentralized autonomous organization, at 15.8%.
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