Last week was an eventful one for the DeFi industry, as the much-anticipated Shapella upgrade on the Ethereum mainnet took place. The hard fork, which occurred on April 12, went off without a hitch, allowing validators to withdraw their staked Ether (ETH) after three years. This was a significant moment for the Ethereum network, as it marked the end of the first-ever proof-of-stake (PoS) blockchain.
Despite the success of the hard fork, only a small number of validators have signed up to fully exit their staked Ether position. According to analytics firm Glassnode, less than 1% of the staked ETH will be withdrawn. This is likely due to the fact that many validators are choosing to continue staking their ETH, as they believe that the value of the cryptocurrency will continue to rise in the coming years.
The Shapella upgrade was one of the most significant events in the DeFi industry this year, as it marked a major milestone for the Ethereum network. The move to a PoS blockchain has been long-awaited, and many in the industry are excited to see how it will impact the ecosystem as a whole. With the successful completion of the hard fork, it is clear that the Ethereum network is moving in the right direction.
However, the low number of validators choosing to withdraw their staked ETH is a reminder that there is still much work to be done in terms of educating the community about the benefits of staking. Many investors are still unfamiliar with the concept of staking, and may be hesitant to participate in the process. As the industry continues to evolve, it will be important for developers and industry leaders to work together to promote the benefits of staking and other DeFi innovations.
Overall, the Shapella upgrade was a success for the DeFi industry, and a major milestone for the Ethereum network. While there is still much work to be done in terms of educating the community about staking and other DeFi innovations, the completion of the hard fork is a clear sign that the industry is moving in the right direction. As we look to the future, it will be exciting to see how the Ethereum network and the DeFi ecosystem as a whole continue to evolve and grow.
