Ethereum: Decoding Shapella Upgrade stats and its technical details

ambcrypto.com:

The highly-anticipated Shanghai Upgrade, also called Shapella, which would enable the withdrawal of staked Ethereum [ETH] , was finally launched on the Ethereum mainnet. The event marked an end to a two-year-long wait for stakers since the locking of ETH was introduced in December 2020.

As per data from analytics firm Nansen , more than 75,000 ETH have been unstaked as of writing, with gross withdrawals exceeding gross deposits in the last 24 hours.

Source: Nansen

Contrary to fears of an imminent price drop, CoinMarketCap data showed that ETH was up 2.62% to $1917.68 at the time of writing.

ReadEthereum’s [ETH] Price Prediction 2023-24

The Shapella Upgrade combines changes to Ethereum’s execution layer (Shanghai upgrade), consensus layer (Capella upgrade), and the Engine API.

Stakeholders can now withdraw both their staked ETH and any earned staking incentives, thanks to the upgrade, marking a complete transition from the proof-of-work (PoW) to the proof-of-stake (PoS) algorithm.

The upgrade was also expected to reduce gas fees in certain instances and improve the network’s scalability

At the live stream event of the Shapella Watch Party , Ethereum founder Vitalik Buterin stated,

“The Shapell Upgrade closes the loop on the key aspects of the PoS transition that couldn’t make it to the Merge last year. The immediate next focus is scaling, and a lot of work is going on for EIP-4844.”

As per Nansen, the total amount of ETH staked in the chain’s smart contracts was 18,169,175 at press time. The staking ratio, or the percentage of tokens being staked out of ETH’s circulation supply, was 15.09%, significantly increasing from 13% at the start of the year.

Cryptocurrency exchange Huobi [HT] , controlled the highest