After The Shanghai Upgrade, Ether Staking Exceeds Withdrawals For The First Time

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On April 12, Ethereum successfully carried out a long-awaited tech upgrade. This upgrade, also known as Shapella Upgrade, allowed withdrawals from the proof-of-stake blockchain for the first time. After one week, the amount of staked Ethereum has now surpassed the amount of Ethereum that has been withdrawn for the first time.

The on-chain analytics firm Nansen’s data shows that more ETH is being staked right now than is being withdrawn. For the first time as of April 17, the amount of ETH staked (124,000 ETH) was greater than that of ETH withdrawn (64,800 ETH). 94,968 ETH were staked on the last day, while 27,076 ETH were withdrawn. Partial withdrawals from Lido and older validators predominated in the first round. To enter the withdrawal line, it takes about three days.

With millions of ETH released, the Shapella update was predicted to be a make-or-break moment for the Ethereum network. The majority of validators, however, are restaking their unlocked Ether.

Three addresses restaked a total of 19,844 ETH out of the one million ETH that was withdrawn. Following withdrawal, 71,444 ETH were delivered to three different exchanges by transferring ETH to three different Centralized Exchanges (CEXs). According to data provided by Lookonchain, other whales also did the same, with some transferring it to Huobi staking addresses and a small number to CEXs.

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