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Ethereum's pending withdrawals total $1.34 billion after Shapella

source-logo  theblock.co  + 1 more 13 April 2023 07:46, UTC

Roughly eight hours after Ethereum's Shapella upgrade went live just before 6:30 p.m. EDT last night, more than $1.34 billion in ether is waiting to be withdrawn.

As of this writing, 695,750 ether is currently pending withdrawal, according to the tokens.unlock application.

More than 99,000 ether ($190 million) is estimated to be withdrawn over the next 11 hours — creating an early post-Shapella average of $380 million in ether withdrawn per day.

token.unlocks chart showing ETH withdrawals

ETH is being withdrawn on an hourly basis. Source: token.unlocks.app

How much ether is still staked?

Currently, 17.52 million ether is staked — excluding rewards — which accounts for 15.59% of the total ether supply.

Since the Shanghai upgrade went live, the net staking balance has decreased by 63,150 ether ($120 million) — roughly 67,710 ETH has been withdrawn while approximately 4,560 ETH has been deposited.

How vital is Shapella for Ethereum?

Last night's Shapella hard fork implemented Ethereum Improvement Proposal 4895. Users and validators can now withdraw their staked ether on the network.

The upgrade was released on the mainnet at epoch number 620,9536.

Shapella is a milestone event for Ethereum, following the implementation of EIP-1559 and The Merge. Now that withdrawals have been enabled, the network fully transitioned to a proof-of-stake consensus mechanism.


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