Ethereum Developers Celebrate Successful Upgrade – But What About the Withdrawal Backlog? – 248

We on Wednesday had the What was it Shanghai upgrade And the Shanghai upgrade took place and There was basically the idea that due to The unstaking ability of the eth that Has been earned from staking it would Add cell pressure and bring the price of Ethereum down now immediate like Immediate response to that was the price Went up after the successful completion Of the Shanghai upgrade but that's not Quite the whole story because ethereum On staking requests pile up after a Shanghai upgrade now at a two-week wait What does this mean It means that really if you're looking At ethereum right now and you were to Say well the Shanghai upgrade caused the Price of ethereum to go up you're half Right half wrong why is this well When the unlock happened a whole bunch Of extra transactions went on to the Network which meant a lot of people were Spending fees to get their actual Ethereum out of staking Which meant they were purchasing Ethereum on the exchanges to pay for the Fees to unstake their ethereum Which means you kind of have this weird Thing where to unstake you drive the Price up But then that crypto that was unstaked With the fees that you paid is going to

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Be sold back to the market but it's at Such a high request that there's now a Two-week wait So we probably won't see the actual Impact the full impact and be able to Say what actually happens with ethereum Until these weeks are up not to mention As we discussed before right now this is Only the ethereum that was earned by the Staked nodes this isn't the actual Staked nodes being allowed to be Unlocked at this point that's going to Be up to six months to the next year and If there's a huge wait line we could see That extended out even further okay Validators looking to fully exit the Chain could be looking at a weight of up To 14 days to get their crypto back According to rated networks Explorer so Many ethereum validators have put in Requests to unstake Ether from the Blockchain following Wednesday's Shanghai upgrade that the cue to get the Cryptocurrency out has backed up to two Weeks in the hours following the Shanghai upgrade also referred to as Chappella the hard fork or series of Blockchain code changes that enabled Staked East withdrawals for the first Time the number of validators waiting For redemptions has grown to about 17 000 for full withdrawals and 285 000 for Partial withdrawals now I don't know if that means full

Withdrawals of the actual staking which Would be the full 32 each plus whatever They've earned or if that means all of The rewards for staking Versus just partial rewards of staking Uh we might have to look at this a Little bit deeper into the week there's Not a total agreement in the market About this number the blockchain Analysts for analysis firm nanson Estimates it about two twenty two Thousand for full withdrawals while the Ethereum foundation sponsored dad Dashboard on the website metrica also Puts the number around seventeen Thousand so it could be upwards of Twenty two thousand Established in 2017 octominer is an International mining hardware company They manufacture and engineer the best Mining equipment in the industry and Supply rigs to some of the largest Mining farms around the world their GPU Mining rigs also integrate with the top Crypto operating systems like Hive OS Miner stat and simple mining all parts Come with an international one-year Warranty exciting news they will be Adding Asic miners for sale to their Website soon and launching a new product Built specifically for Asic home miners Please visit or email Support for questions The total number of validators about is

About 567 000 according to nanson so the ones Waiting for full withdrawals represent Just four percent a full withdrawal is When the okay so they answer our Question a full withdrawal is when the Validators request back their entire Original deposit of 32 eth which is four Percent at seventeen thousand this the 285 000 is going to be probably your Rewards that have been earned by it But also the ethereum blockchain appears To be processing the withdrawals at just 55.4 percent of its capacity according To rated the upshot is that there's About a 14-day wait that's quite a bit Longer than several blockchain analysts Estimates prior to Shanghai that it Could take a few hours to a few days to Get through the backlog roughly a Thousand validators have fully exited The beacon chain blockchain analysts Have noted that validators associated With Kraken the crypto exchange make up About 80 percent of that Q the dynamic Was expected because Kraken agreed in February to shut down its staking Services in the U.S as part of a Settlement with the Securities and Exchange Commission right so really The this is going to be important too Because right now the SEC has targeted Coinbase and and so there Could be an influence for both of them

And if coinbase decides to make the same Deal that was set in precedent by Cracking then you could see a much Larger portion get unstaked here right While stakers are starting to withdraw Their accrued rewards nanson a Blockchain analytics provider shows that Each deposited into the beacon chain has Started to grow showing that stakers Want to continue participating in Ethereum's maintenance of the blockchain Let me get some water because I am Getting harassed by my friends But on a net basis withdrawals still Outweigh the deposits the 24-hour net Deposit change into the beacon chain Currently stands at minus 79 488 eth at The point or time of publication Data about the Shanghai upgrade will Still be rolling in as more liquid Staking providers also allow its users To withdraw their staked eth later Thursday coinbase a cryptocurrency Exchange that holds about 12.6 percent Of all staked teeth will allow its users To decide if they want to unstake Ethereum developers met Thursday to Debrief on Shanghai quote great work Everyone on chappella it worked end Quote Tim Biko the protocol support lead At ethereum Foundation said at the Ethereum all core dev's execution later Meeting 159 the network transitioned Successfully there were a couple minor

Issues that we saw but I think overall It was very smooth and great work Everyone eth is up about five percent Over the past 24 hours and Rose to two Thousand three dollars earlier today of Course I think it's higher than that Right now let's go ahead and take a look And like I said it it doesn't look like We really have seen we don't know we Can't make a statement for sure that Shanghai was a positive for ethereum Because we haven't seen the results of How many people are really going to Unstake if they're going to sell onto The market or if they're going to do Something else with their ethereum and How this all plays out it looks like With a 14-day wait time 17 000 in the Queue and only 1 000 completed that There is going to be a little bit of Congestion and a little bit of slow down Before we see exactly what is going on Here right now though ethereum is Sitting at 2085 dollars so oh for the Past seven days though up 12 so Outperforming uh even Bitcoin as of Right now there is an assumption that There might be a consolidation from Ethereum and those who were staking and Redeeming their stake rewards into Bitcoin uh just due to the fact that There is this kind of SEC push back Against staking rewards for centralized Exchanges but that's yet to be seen so

We'll have to see once again how that Plays out Thanks for checking out this clip from The crypto mining show you can check out The full episode here or more crypto Content down here also I'd like you to Check out my locals page at son of a where you can become a Member for free or choose to be a five Dollar a month supporter that unlocks Additional content

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