Ethereum’s Shapella Hard Fork: A Different Story Emerges from the Data
The controversial Ethereum upgrade known as Shapella had raised concerns about selling pressure in the market. However, recent data suggests a different outcome.
Staking Preference Over Selling
According to Intotheblock’s data from January 2024, there was a significant increase in Ethereum staking, with approximately 30 million ETH staked. The staking participation rate also exceeded 24%. These figures indicate a preference for staking rather than immediately selling off tokens.
Surge in Ethereum Locked-in Staking
An analysis of the latest data reveals that Ethereum locked-in staking continues to rise, with only 11% of the token supply currently stored on centralized exchanges. Despite concerns that the Shapella upgrade would lead to widespread unstaking, the data shows that this prediction did not come true.
Staked Amount and Token Retrieval
Even after introducing a new feature that allows stakers to withdraw their tokens, the current amount of ETH staked stands at 29.13 million, which accounts for 24.2% of the total supply.
According to @intotheblock, January 2024 witnessed the highest ETH staking rate with about 29,128,513.51 ETH staked and a staking participation rate of 24.29%. pic.twitter.com/7327HLpUcH
— champagne mami Ethereum Breaks Records: January 2024 Staking Data Unveils Surge to 30 Million ETH appeared first on CryptoPotato.
Hot Take: Ethereum Staking Remains Strong Despite Fears
The latest data on Ethereum staking reveals that the Shapella hard fork did not result in widespread unstaking as initially predicted. Instead, there has been a surge in locked-in staking, with a significant amount of ETH being staked and a preference for staking over selling. This demonstrates the resilience and commitment of Ethereum holders to the network. Despite the introduction of the token retrieval feature, the staked amount remains high, indicating confidence in the long-term value of Ethereum. The data suggests that Ethereum staking continues to be a popular choice among crypto investors.
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