The Shapella update, activated on April 12 on Ethereum, has had a positive effect for the network so far. The freedom to withdraw ethers (ETH) in staking seems to motivate more validators to contribute to network security, and more than 60,000 wait their turn to enter the staking.
According to a report by Coin Metrics, from mid-May to the time of writing this article, more than 10,000 users were added to the line to enter Ethereum as a validator. The network allows the entry or exit of 1,800 validators per day, the document details.
This long waiting line is the highest since the creation of the Beacon Chain in December 2020, the source said. Conversely, the number of validators waiting for their chance to get out of staking goes down. It fell from 11,000 at the beginning of the month to less than 1,000 today.
In total, 1.1 million validators have already left Ethereum staking, according to Token Insights. Despite this, validators are more than 581,000 at the close of this note, and the index will reach a record of approximately 640,000 validators when all those who are waiting enter.
ETH’s moves after Shapella
As reported in CriptoNoticias, a few days after Shapella, one million ETH had already been withdrawn from the staking of the network. However, the net balance was almost always positive, according to data shared in Dune Analytics by analyst hildobby.
At the close of this note, there are 18.6 million ETH deposited in the Beacon Chain by Ethereum validators. In May 2023 alone, 3.1 million ETH were deposited, Beaconcha.in says.
Another trend that was reported in this newspaper after Shapella was the growth in volume of ETH in liquid staking pools, such as Lido or Rocket Pool. These platforms “stole” market share from their centralized counterparts, such as Coinbase and Binance. Thus, Lido, the platform that recently enabled withdrawals, dominates 30% of the staking market on Ethereum.
image by: Copyright: weedezign
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