AssetsApr 18, 2023

Nearly $2 billion in Ethereum awaits payout after Shapell update

The Ethereum market will soon face a large influx of funds.

The recently introduced update called Shapell on the popular Ethereum (ETH) platform is to make the funds previously deposited under staking, worth almost $ 2 billion, free for investors. According to the data recently presented by the IntoTheBlock analytical platform, there are currently as many as 868,631 ETH in the queue for withdrawal, which at the time of writing this article has a value of over $1.8 billion.

Nearly $2 billion in Ethereum is waiting to be paid out to investors

The report of the company quoted above also indicates that within 24 hours after the last update of the Ethereum network, an additional 104,000 ETH was paid into staking. Moreover, IntoTheBlock also presents information on the institutions that are globally most involved in the Ethereum staking process. It is worth adding here that popular cryptocurrency exchange platforms are among them.

“Lido is a major institution that is widely known for being heavily involved in staking, with a group of independent users in second place. Next on this list are such digital currency exchange platforms as Coinbase, Kraken and Binance. It is worth being aware that as much as 63.3% of ETH pending withdrawal belongs to Kraken - comments IntoTheBlock.

The data presented by IntoTheBlock also compares the amount of ETH deposited with other leading smart contract platforms such as BNB Chain (BNB), Solana (SOL), Avalanche (AVAX) and Polygon (MATIC). According to cryptocurrency sector analysts, Solana is currently the leader in this area, and Ethereum is in last place.

– Currently, 14.4% of the total amount of ETH is staking in the escrow contract. The cryptocurrency community centered around the Ethereum network is currently asking itself the question of whether the latest Shanghai update will increase the trust of investors around the world and cause a jump up of the ETH deposited volume? – indicated further.

The long-awaited update called Shapell, which for the first time ever allows Ethereum users to withdraw their staking tokens, is essentially a combination of two different updates that were rolled out simultaneously. It's about the Shanghai and Capella updates. Shanghai made significant changes to the protocol execution layer, while Capella made a large package of modifications to the consensus layer.