Shapella update successfully activated on the Ethereum network

Shapella update successfully activated on the Ethereum network

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Author: Robert Strickland (crypto expert)
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Shapella update successfully activated on the Ethereum network
The Shapella update was successfully activated on the main Ethereum network
Users were able to withdraw cryptocurrency from stacking

On the night of April 12-13, at 1:30 , the Shapella update was successfully activated on the main Ethereum network. It is now possible to withdraw the altcoin from stacking.

Leading Ethereum blockchain developers, including Vitalik Buterin, watched the update at the Shapella Watch Party event, which was broadcast live.

Buterin said that the most difficult and urgent stages of the transition to the Proof-of-Stake protocol in the Ethereum network are largely complete. He said that high fees and network bandwidth (transaction acceleration) issues remain to be resolved.

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According to the beaconcha.in columnist, 83,600 ETH ($160.5 million) have been withdrawn from the stack in the eight hours since the hardforge.

Nansen analytics show that 19.6k validators are in line to withdraw the altcoin - about 3.5% of the total of 567k. The amount of withdrawals pending is 705k ETH ($1.35 billion).

At the same time, coins are not only withdrawn, but also added to the stack. After the update, 6.8 thousand ETH ($13.1 million) were deposited.

Ethereum exchange rate showed no significant reaction to the Shapella update. It rose 2.7% overnight, from $1.86k to $1.91k, with most of the growth occurring before the hardfork. The asset has a capitalization of $231 billion, with $34 billion worth of coins (15% of circulation) stacked.

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