Shanghais Ethereum upgrade leads to $40B staking record

Shanghais Ethereum upgrade leads to $40B staking record

The Ethereum network has surpassed a major milestone in deposit contract balance, with users depositing more than 4.4 million ETH and surpassing $40 billion in deposit contract balance following the Shanghai upgrade.

Following the long-anticipated upgrade that has allowed validators to withdraw their staked crypto tokens, the Ethereum (ETH) network has recently surpassed a major milestone in deposit contract balance thanks to the soaring interest in staking.

Nonetheless, users have deposited greater than 4.4 Million Ethereum (ETH) since April 12, surpassing $40 Billion in deposit contract balance following the Shanghai upgrade, reports by the data shared by digital currency analytics platform CryptoRank on May 23.

As the chart demonstrates, the Ethereum (ETH) deposit contract balance on May 23 stood at 22.6 Million Ethereum (ETH) or $41.1 billion, demonstrating a sharp move upward since the introduction of the critical feature that was not included during Ethereum’s transition to the proof-of-stake (PoS) consensus after the Merge upgrade.

Record-breaking returns

Earlier, Finbold informed on the record-high staking returns on the second- largest cryptocurrency investment by market cap, as its staking annualized price of return, or the interest price for running an Ethereum (ETH) validator, stood at 8.76 percent as of May 15 (8.66 percent by press time).

Since the implementation of unstaking on the Ethereum (ETH) network, investors have deposited 4.68 Million Ethereum (ETH) into Ethereum (ETH) 2.0 contracts, whereas they have withdrawn 2.83 Million Ethereum (ETH), reports by the past few information retrieved from the analytics platform Crypto Token Unlocks.

Ethereum (ETH) price analysis

Meanwhile,  Ethereum (ETH) was at the time of publication changing hands at the price of $1,817, recording a decrease of 2.08 percent in the previous day but a 0.56 percent gain across the previous 7 days as it tries to come back from the 1.30 percent fall in the previous 30 days, as per data on May 24.

Shanghais Ethereum upgrade leads to $40B staking record
Ethereum (ETH) 7-day price chart. Source: Finbold

Earlier, Ethereum (ETH) looked to be gearing up for a rally to $2,000 after breaking over the critical $1,825 area, which cryptocurrency market analyst Michaël van de Poppe stated the digital investment had to hold for a positive  tendency to continue. At this time, on the other hand, Ethereum (ETH) is back below this level.

Disclaimer: The content on this site should not be considered financing advice. Investing is speculative. And once investing, your financial resources is at risk.

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