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Ethereum's Shanghai Upgrade: By the Charts

Binance Research (Shivam Sharma)


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  • The Shanghai Upgrade is an upcoming Ethereum upgrade which will enable withdrawals of staked ETH.

  • Until now, staking ETH has been a one-way street i.e. validators could deposit ETH to the Beacon Chain to support Proof-of-Stake on Ethereum, but not withdraw it. Shanghai will enable these withdrawals.

  • Over 16.5M ETH, worth over US$25B, has been staked via 520K+ validators (so far). The most common place to stake ETH has been with liquid staking provider, Lido.

  • Check out the report to see: (1) How much of staked ETH is liquid? (2) How many stakers are in profit? (3) How will withdrawals work?

  • ETH’s relatively low staking ratio, alongside its deflationary supply mechanics, unique monetary policy and ESG credentials provide us with some opportunities to analyze.

  • On the other hand, ongoing macro uncertainty, as well as increasing alt-L1 dominance, might pose a risk for Ethereum.


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