Following the highly anticipated Shanghai upgrade, Ethereum has seen $198 million in ETH deposited to the network in the last 24 hours alone. Moreover, the development arrives amidst some concerns regarding mass withdrawals.
That price figure equates to around 94,800 ETH that has been staked to the network in just the last day. Subsequently, the figure arrives through data collected by Nansen and shows just how much users have embraced the long-awaited Shapella fork.
Over 94,000 ETH Deposited in a Day
The Shanghai upgrade had been on the horizon for some time and was an anxiously awaited development for the Ethereum network. Moreover, the movement signified the final shift to the new proof-of-stake (PoS) consensus mechanism on the blockchain.
The move allows withdrawals for users who have staked their ETH to secure transactions on the blockchain. Moreover, the publicized transition to a PoS model, known in the industry as the Merge, culminated in the Shanghai upgraded finally going live. Subsequently, the latest data has shown tremendous activity.
Specifically, figures collected show the Ethereum network has seen $198 million in ETH deposited in the last 24 hours alone. Conversely, speaking to Decrypt, Nansen analyst Matin Young addressed the developing figures. “That’s expected since is just the beginning.”
Young continued, “Validators that have accrued excess ETH from earnings would want to unstake since they’re only accruing rewards on 32 ETH.” Moreover, Decrypt noted that validates can decide between a “partial exit,” or a “full exit.”
Specifically, the former refers to validators gaining accrued rewards while maintaining 32 ETh on the network. Alternatively, the latter is referencing validators who withdraw their rewards, alongside their initial 32 ETH deposit and leave the network.
Additionally, Decrypt noted that yesterday observed a small period of time in which deposits outpaced withdrawals. Subsequently, 27,000 ETH deposits with just 7,615 ETH withdrawn. Conversely, Young predicted the network to soon arrive at a “baseline,” when the initial validators claim any accrued rewards.