Ethereum Shapella Upgrade is Now Live: Here is How it is Already Affecting the ETH Price
The Ethereum Shanghai Capella upgrade, also known as “Shapella,” has successfully completed. This highly anticipated upgrade is a significant milestone for the Ethereum ecosystem and marks the completion of its famous transition to a full proof-of-stake consensus mechanism. With the upgrade, users can withdraw their staked ETH, a crucial feature of the new proof-of-stake system. Withdrawals After the Upgrade The Shanghai upgrade was triggered at 22:27 GMT and finalized at about 22:42 GMT. Within half an hour after the upgrade was activated, nearly 285 withdrawals in epoch 194,408 had been processed, for about 5,413 ETH ($10 million worth). As per Coin Metrics, 1.2 million ETH tokens worth over $2.3 billion as of the current price will be available for withdrawals over the next four to five days. Notably, not all 18 million ETH staked on the network will be available for withdrawal at once, as limits have been kept on this. Ethereum will only permit 1,350 full validators to withdraw their stake each day over the next 18 months. Because each validator stakes 32 ETH, no more than 43,200 ETH—which is $83 million at current prices—can enter the market per day. Impact on ETH Price At the time the Shanghai hard fork was triggered, the