Ethereum's stacking value fell by $1.3 billion after the Shapella fork
In the 4 days since the network update of the leading altcoin, users have withdrawn more than 1 million ETH tokens from stacking
The total value of tokens in stacking has dropped by $1.36 billion in the four days since Shapella's update to the main Ethereum network. According to TokenUnlocks, a platform that tracks information on cryptocurrency unlocking, 1.04 million ETH (about $2.17 billion) have been withdrawn from stacking since April 13, and almost 380,000 ETH ($794 million) have been posted.
The Shapella update was successfully activated on the night of April 12-13. This allowed Ethereum owners who had stacked coins to withdraw all or part of their funds for the first time since December 2020, when the stacking program was launched.
Most of the funds that are withdrawn are not the coins themselves, blocked when deposited, but the rewards earned by stackers for depositing coins. Currently, the validator income rate on the Ethereum network (Staking APR) is 4.99% per annum.
14.95% of the total Ethereum remains deposited (not including rewards). This amounts to 17.30 million Ethereum (a total value of about $36.2 billion). About 906,000 Ethereum ($1.9 billion) are in the withdrawal queue.
On April 17, , the price of Ethereum was fluctuating around $2.1 thousand. In the morning, the altcoin updated the maximum since May 16, 2022, having risen to the mark of $2.13 thousand.
- Investment idea: Betting on the growth of tokens of Layer 2 projects
- Binance's share of the crypto market decreased by 16% in the first quarter of 2023
- How the field of stacking will change after the Ethereum update. Experts' opinions
- Ethereum's rise in price has brought a newcomer to the top 10 cryptocurrencies
- BofA calls the tokenization of traditional assets key to digital adoption
- Binance has withdrawn from circulation BNB tokens by almost $620 million
- Blockchain project Chia applied to the SEC for an IPO
