CoinDCX

Ethereum Shanghai Upgrade

What and when is this?

    • It is scheduled on 12th April 2023
    • Biggest Ethereum upgrade since The Merge that happened in September 2022.
    • Users will finally be able to un-stake ETH and withdraw ETH rewards.

What does this mean for Ethereum?

    • Makes Ethereum a true proof-of-stake chain since stakers and validators will now be able to unstake ETH themselves instead of relying on liquid staking derivatives like Lido and Rocketpool.
    • Reduce gas fees for layer-2 solutions running on top of Ethereum, for example, Polygon, Optimism, make it even cheaper to transact on the Ethereum blockchain.

Final take

This could turn out to be bullish for Ethereum over the long term, as it allows more players to join the network. In the near term, there may be a sell pressure as $34Bn locked staked ETH will enter the market that could lead to some corrections. But if the market is still bullish, it may be easily absorbed by the new buyers

 

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