ETH Staking Surpasses Withdrawals After Successful Shapella Upgrade

For the first time since the Shapella upgrade underwent successfully, the Ethereum blockchain witnessed Ether (ETH) stakes surpassing withdrawals.

More than 1 million ETH in withdrawals were recorded in the first week after the upgrade on April 12, which enabled validators on the network to withdraw staked ETH from the Beacon Chain after three years. The hard fork was considered as a make-or-break for the Ethereum blockchain, citing the risk of mass selling unlocked ETH tokens.

Data from analytics-focused Nansen suggests that more ETH is being staked than withdrawn out of the network; one for the record books. As of April 17, the ETH staking volume of 124,000 surpassed the withdrawal volume of 64,800 by a landslide, and during the last 24 hours, nearly 95,000 ETH was staked versus a little over 27,000 in withdrawals.

Following the Shapella upgrade, the majority of validators are seen restaking their unlocked Ether; a trend which may witness the rise in the value of Ethereum’s native token after being hammered down in 2022.

Sources:

https://cointelegraph.com/news/eth-staking-passes-withdrawals-for-the-first-time-after-shapella-upgrade

https://economictimes.indiatimes.com/markets/cryptocurrency/a-small-change-of-code-a-giant-leap-for-web3-ethereums-shapella-upgrade/articleshow/99581145.cms

https://coinmarketcap.com/currencies/ethereum/