{"id":48568,"date":"2023-04-13T05:19:59","date_gmt":"2023-04-13T05:19:59","guid":{"rendered":"https:\/\/egrowonline.com\/?p=48568"},"modified":"2023-04-13T05:19:59","modified_gmt":"2023-04-13T05:19:59","slug":"ethereums-shapella-hard-fork-executed-on-mainnet","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=48568","title":{"rendered":"Ethereum\u2019s Shapella hard fork executed on mainnet"},"content":{"rendered":"


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The Shapella hard fork has officially been executed on the Ethereum mainnet \u2014 meaning that Ethereum validators can finally withdraw their staked Ether (ETH<\/a>) from the Beacon Chain.<\/p>\n

The long-awaited upgrade took effect at 10:27 pm UTC on April 12 at epoch number 194,048. <\/p>\n

Within the first hour of the hard fork, a total of 12,859 Ether were unlocked in 4,333 withdrawals, according<\/a> to Ethereum block explorer beaconchai.in.<\/p>\n

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The number of withdrawals, Ether processed and the number of withdrawal validators. Source: beaconcha.in<\/em><\/figcaption><\/figure>\n

Currently, around 44% of validators, or 248,043 of the total active 559,549, can request a partial or full withdrawal.<\/p>\n

The majority of withdrawals at this time range between 2.8 to 3.2 ETH, which suggests that it\u2019s mostly staking rewards that are being withdrawn at this time. <\/p>\n

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The Ethereum Shapella upgrade has been activated and withdrawals are processing! pic.twitter.com\/Krly5GB2K7<\/a><\/p>\n

\u2014 eric.eth (@econoar) April 12, 2023<\/a><\/p><\/blockquote>\n

The withdrawals come as only 3,996 validators signed up to the exit queue moments before the Shapella hard fork took effect, according<\/a> to data from Rated Network Explorer.<\/p>\n

Of the total amount of withdrawable Ether, crypto exchange Huobi holds the largest share at 30%, followed by the decentralized autonomous organization PieDAO at 17.7%,\u00a0according <\/a>to data from blockchain analytics firm Nansen.<\/p>\n

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Total number of withdrawable Ether by entity. Source: Nansen<\/em><\/figcaption><\/figure>\n

A total of 284,622 Ether is awaiting a full withdrawal from 7,948 validators, Nansen data shows.<\/p>\n

The price of Ether, currently $1,920, has barely moved within the first hour of the hard fork something which was predicted in an April 11 report<\/a> from blockchain intelligence platform Glassnode.<\/p>\n

The hard fork can theoretically unlock 18.1 million Ether on the Beacon Chain currently equating to over $34.8 billion, however, several mechanisms are in place to prevent a flood of ETH from hitting the market,\u00a0according<\/a> to the Ethereum Foundation.<\/p>\n

Related: Less than 1% of staked ETH estimated to sell after Shanghai upgrade: Glassnode<\/a><\/strong><\/em><\/p>\n

In its report, Glassnode estimated that less than 1% of that total would be released over the first week and the 12,859 Ether unlocked within the first hour only represents 0.07% of the total Ether staked in the Beacon Chain. <\/p>\n

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withdrowls on pic.twitter.com\/0rdy49SHh2<\/a><\/p>\n

\u2014 mariano.eth | (@nanexcool) April 12, 2023<\/a><\/p><\/blockquote>\n

Through Ethereum Investment Proposal EIP-4895, staked Ether was pushed from the Beacon Chain to the Ethereum Virtual Machine (EVM) otherwise known as the execution layer, making withdrawals possible. <\/p>\n

It is the most significant upgrade since the Merge on Sept. 15 and it moves Ethereum one step closer towards a fully functional proof-of-stake system.<\/p>\n

Magazine: <\/em><\/strong>\u2018Account abstraction\u2019 supercharges Ethereum wallets: Dummies guide<\/em><\/strong><\/a><\/p>\n

Update (April 12, 11:52 pm UTC): This article has been updated to include Ethereum validator withdrawal figures immediately following the Shapella hard fork.<\/p>\n

Update (April 13, 12:20 am UTC): This article has been updated with further information, metrics and background information. <\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Shapella hard fork has officially been executed on the Ethereum mainnet \u2014 meaning that Ethereum validators can finally withdraw their staked Ether (ETH) from the Beacon Chain. The long-awaited upgrade took effect at 10:27 pm UTC on April 12 at epoch number 194,048. Within the first hour of the hard fork, a total of […]<\/p>\n","protected":false},"author":1,"featured_media":48569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[1547,11493,618,2032,1106,13887],"class_list":["post-48568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereums","tag-executed","tag-fork","tag-hard","tag-mainnet","tag-shapella"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/04\/2224461b-06c7-432c-ac23-a77ee30cb570.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48568"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48568\/revisions"}],"predecessor-version":[{"id":48570,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48568\/revisions\/48570"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/48569"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48568"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}