Ethereum's stacking value fell by $1.3 billion after the Shapella fork

Ethereum's stacking value fell by $1.3 billion after the Shapella fork

Author: Robert Strickland (crypto expert)

Ethereum's stacking value fell by $1.3 billion after the Shapella fork
In the 4 days since the network update of the leading altcoin, users have withdrawn more than 1 million ETH tokens from stacking

The total value of tokens in stacking has dropped by $1.36 billion in the four days since Shapella's update to the main Ethereum network. According to TokenUnlocks, a platform that tracks information on cryptocurrency unlocking, 1.04 million ETH (about $2.17 billion) have been withdrawn from stacking since April 13, and almost 380,000 ETH ($794 million) have been posted.

The Shapella update was successfully activated on the night of April 12-13. This allowed Ethereum owners who had stacked coins to withdraw all or part of their funds for the first time since December 2020, when the stacking program was launched.

Most of the funds that are withdrawn are not the coins themselves, blocked when deposited, but the rewards earned by stackers for depositing coins. Currently, the validator income rate on the Ethereum network (Staking APR) is 4.99% per annum.

14.95% of the total Ethereum remains deposited (not including rewards). This amounts to 17.30 million Ethereum (a total value of about $36.2 billion). About 906,000 Ethereum ($1.9 billion) are in the withdrawal queue.

On April 17, , the price of Ethereum was fluctuating around $2.1 thousand. In the morning, the altcoin updated the maximum since May 16, 2022, having risen to the mark of $2.13 thousand.

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