On Wednesday, Ethereum completed the Shanghai upgrade, also known as the Shapella upgrade. This update has a significant impact on the cryptocurrency Ether, as it allows users who hold Ether to withdraw their coins previously locked up for staking rewards. Since the “Merge” upgrade last year, this is the most significant change that has occurred on the Ethereum blockchain.
Shapella Upgrade: Tackling Ethereum’s Merge Challenge with Success
The “Merge” upgrade caused a liquidity issue where Ether stakers could not unlock their coins. As of Wednesday, only 15.6% of the total Ether supply was staked, significantly lower than competing cryptocurrencies like Solana, Avalanche, and Polkadot, which have staking rates of 40% to over 70%. David Lawant, FalconX’s Head of Research, suggests that the difference in staking rates across blockchain ecosystems could be due to varying investor behavior and sentiment. Lawant believes that the successful Shanghai upgrade has addressed the staking problem and could encourage more institutional investors to engage in staking, despite the risks involved.
However, the process of unstaking Ether is time-consuming, and investors must join a queue to withdraw their original coins and rewards. The processing time depends on the number of withdrawal requests being processed simultaneously. QCP Capital analysts have a less bullish view of the Shanghai upgrade’s potential, suggesting that Ether holders at the front of the withdrawal queue may sell their coins, while those further back may hedge their positions using derivatives. These different strategies based on position in the withdrawal queue could lead to bearish price action for Ether.
Shapella Upgrade Reduces Ethereum’s Dependence on Lido for Liquid Staking
Lido DAO (LDO), a well-known liquid staking solution for Layer 1 chains such as Ethereum, has experienced a decline in activity in recent days. Lido gained widespread attention and adoption after the Ethereum mainnet merged with the P-o-S Beacon chain, causing the price of LDO to skyrocket to over $3 quickly.
However, as locked ETH withdrawals are on the horizon, the need for Lido’s liquid staking platform has significantly decreased. Previously, traders staked their ETH, which was locked with ETH 2.0 smart contracts, into other protocols using Lido, allowing the tokens to be converted into a liquid form. But with the upcoming Shanghai upgrade, users will no longer need to rely on Lido for liquidating their assets.
Big Eyes Coin’s Presale Countdown: Deadline Approaching on June 3
Despite the volatility of the cryptocurrency market, the Big Eyes Coin (BIG) project continues to attract attention and support from investors, eagerly anticipating the launch of its token on an exchange. The Big Eyes Coin team has confirmed that the presale will end on June 3rd. The digital asset has already set a new record as the largest meme coin presale, raising over $33 million, which has impressed numerous investors. This accomplishment highlights the growing interest in meme-inspired cryptocurrencies and their potential to attract significant investment and support from the cryptocurrency community.
The Big Eyes Coin (BIG) team has introduced its most substantial bonus code to date, “END300,” which is available for a limited time. By using this code, investors can take advantage of an incredible 300% bonus, meaning that $1,000 will now get you $4,000 worth of BIG tokens. With the launch of Big Eyes Coin fast approaching, now is the perfect time to start investing in this exciting project and potentially benefit from its bullish trend.
Buying BIG tokens during the presale has become easier than ever before, with the option to use various cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, USDT-TRC20, USDT-ERC20, BUSD, and DOGE. Additionally, TRX will soon be accepted as well. Investors can track their tokens on the dashboard, and once the presale concludes, they can redeem them from the dashboard to the wallet used for the purchase.
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Opensea: https://opensea.io/collection/big-eyes-lootbox-cards