Ethereum Mainnet Shaken: Shapella Hard Fork Goes Live!
Ethereum News

Ethereum Mainnet Shaken: Shapella Hard Fork Goes Live!

written by John Murphy | April 14, 2023

In recent news, the execution of the Shapella hard Fork on the Ethereum Mainnet was reported. The Ethereum validators can officially withdraw their staked Ether from Besancon Chain. So, the ETH ticket is $1917.

Key Takeaways:

  • Shapella hard fork executed, allowing Ether withdrawals from Besancon Chain.
  • The execution of this hard fork is a significant milestone for the Ethereum ecosystem.
  • Many validators have requested full or partial withdrawals, resulting in limited liquidity due to locked funds.
  • Huobi has the largest percentage of total withdrawal Ether, followed by PieDAO.
  • Hard fork unlocks 0.7% of the total staked Ether in the beacon chain.

CoinSpot announces on Twitter that the highly anticipated and much-awaited Ethereum network’s hard fork, “Shapella,” has been implemented in Shanghai. Moreover, for the Ethereum ecosystem, this execution is a significant Stage.

The Shapella hard fork was executed at 10:27 pm UTC on 12 April and at epoch 194,048. Beaconchai. In, a block explorer of Ethereum reported 4333 withdrawals, resulting in the unlocking of 12,859 Ether in the first hour of the hard fork execution.

Moreover, 44 % of validators request a full or partial withdrawal of 248,043 of the 559,549. Currently, 2.8 ETH to 3.2 ETH withdrawals are requested, and most withdrawals sometimes propose staking rewards.

BSC DESK announces on Twitter that the users can remove their staked Ethers from the network as validators after implementing the Shanghai Ethereum update (EIP-4895).

Moreover, to become validators, the users must stake 32 ETH by the users, which results in limited liquidity because of their locked funds.

based on Rated Network Explorer data, it is noticed that up to the exit queue of the Withdrawals, only 3,996 validators come to sign up.

Moreover, Blockchain analytics firm Nnsen data shows that crypto exchange Huobi has 30% of the total withdrawal Ether. In comparison, it is 17.7% of the total withdrawal ether for the autonomous decentralized firm named PieDAO.

Additionally, Nansen data shows that 284,622 Ether from 7,948 validators are awaited withdrawal.

According to a report from a platform for blockchain intelligence named Glssnode, it is predicated on 11 April that Ether’s price in the first hour will move to barely $1920.

On the Beacon Chain, the hard fork unlocks 18.1 Ether associated with $34.8 billion. However, based on Ethereum Foundation, several techniques are incorporated to prevent the ETH from hitting the capital market.

Nosis made an announcement on Twitter that validators can withdraw locked rewards and Ether following months or days from the Ethereum Mainnet. This will result in significant development of progress in the Ethereum network.

Moreover, within the first hour, 12,859 Ether are unlocked. It means 0.7% of the total Ether is staked in the beacon chain. It is also estimated that 1 % of the total will be released in the first week.

However, withdrawal is possible by pushing staked Ether from the Beacon chain to EVM (Ethereum Virtual Machine) using EIP-4895, Ethereum investment Proposal.

Indeed, since 15 September, the upgradation on this merge made Ethereum much closer to the fully functional Proof-of-Stake system