Ethereum, the world’s second-largest cryptocurrency by market capitalization, has undergone a significant update. The Shapella hard fork was launched on April 12, allowing validators to access their staked coins. This marks Ethereum’s first major development since transitioning from proof-of-work to proof-of-stake. The hard fork officially took effect at epoch 194,048, or 6:30 p.m. Eastern Time on Wednesday, April 12, 2023. Following the upgrade, validators have been preparing to withdraw their staked ether. Withdrawals are available for reward withdrawals and required 32-ether validator withdrawals, with daily limits and a waiting list for validators.
According to token.unlocks.app, more than 860,000 ether, valued at $1.71 billion using current exchange rates, were awaiting withdrawal as of 9:30 a.m. Eastern Time on Thursday, April 13, 2023. A staggering 17.46 million ether worth over $34 billion is currently locked for staking purposes. The annual percentage rate for staking ether stands at 5.06%. Despite the upgrade, Ethereum network transaction fees have remained relatively stable. The average transaction fee on Thursday was approximately 0.0029 ETH or $5.72 per transfer, while the median fee hovered around 0.0013 ETH or $2.66 per transfer.
Following the successful implementation of the Shapella hard fork, Ethereum’s price surged by 6% against the U.S. dollar within the past 24 hours. On Thursday, Ethereum climbed above $2,000 per unit, reflecting a 6% increase over the past 24 hours. Additionally, ETH dominance has risen to encompass 19.3% of the entire crypto-economy with a market cap surpassing $241 billion.
The successful implementation of the Shapella hard fork is a significant development for Ethereum’s future and the wider cryptocurrency market. The upgrade enables validators to withdraw staked ether, improving the network’s efficiency and reliability. The transition from proof-of-work to proof-of-stake is a crucial step for Ethereum in its efforts to become more sustainable and scalable. Ethereum has been a pioneer in the development of decentralized applications and smart contracts, and the successful implementation of the Shapella hard fork is likely to reinforce its position as a leader in the blockchain industry.
In conclusion, the successful implementation of the Shapella hard fork is a significant milestone for Ethereum and the wider cryptocurrency market. The upgrade enables validators to withdraw staked ether, improving the network’s efficiency and reliability. The transition from proof-of-work to proof-of-stake is a crucial step for Ethereum in its efforts to become more sustainable and scalable. Ethereum’s future looks promising, and the successful implementation of the Shapella hard fork is likely to reinforce its position as a leader in the blockchain industry.
