Crypto News on 13 April: The Shanghai Upgrade Propels Ethereum to New Breakthrough
The much-anticipated Ethereum’s hard fork Shanghai upgrade became live on April 12. The upgrade, also referred to as Shapella, is a significant milestone for the Ethereum ecosystem. The upgrade enables validators to withdraw their staked ETH and any accrued staking rewards on the Ethereum blockchain.
Crypto analysts and investors are excited about the upgrades, aiming for efficient transactions and lower gas fees.
The Shapella Upgrade is a combination of major changes to Ethereum’s execution layer (Shanghai upgrade), consensus layer (Capella upgrade), and the Engine API.
As per nansen.ai, the total number of Ethereum staked is 18,169,239 ETH with a 24h gross deposit of 14,560 ETH and an average price of $1,973 at the time of writing. Out of 567,209 total validators, 19, 623 validators are waiting for a full exit.
What is Shanghai Upgrade (Shapella)?
The Shapella upgrade is considered a historic event after the merge. On Sept 15, 2022, the original Ethereum mainnet merged with the Beacon chain, now existing as one chain, changing the Ethereum mechanism from proof-of-work to proof-of-stake.
After the merger, energy consumption dropped by 99.95% making Ethereum a green blockchain. The merger replaced miners with validators allowing them to stake their ETH for checking transactions and rewarding them for staking. However, they were not able to withdraw their staked rewards till now.
Staking helps the network to be strong against attacks, and more sustainable as it uses less energy for running nodes. It helps validators to earn rewards for running software and batching transactions and checking other validator’s work.
How to withdraw ETH Stakes?
The Shapella upgrade enables stakers to withdraw previously staked ETH. The rewards will be automatically transferred to the withdrawal address linked to the validator. A staker is eligible to withdraw if their balance is 32 ETH or above and gas fees are not deducted for these withdrawals. The account should be registered on Beacon chain and a single withdrawal address should be provided to process it. And once the address is provided, it can’t be changed again.
If the validators are willing to exit completely, they have to sign and broadcast a “voluntary exit” message.
The features include:
- Stake ETH
- Un-stake to regain full access.
- Re-stake to sign again.
A more detailed step-by-step procedure is available on Ethereum platform.
Does the upgrade have any effect on the Ethereum price?
The price slightly raised after the upgrade. The price of ETH on April 11, 2023, was 1884.84 with a 24h volume of $7.83B, and the currency price of ETH as on April 13, 2023, at the time of writing is 1919.09 with a 24h trading volume of $11.00B.
Crypto News: FLOKI LIVE ON PIP
- PIP is a financial service platform with a fully integrated suite of Web3 payment products built for social payments to collect payments and monetize content. Users can send and receive on their favorite social platforms. The pay button allows anyone to embed a crypto payment button on their websites.
PIP on their Twitter account, tweeted “FLOKI currency is available on all PIP products”. Users can send and receive FLOKI on Twitter, Discord, Twitch, Github, Reddit, and anywhere with PIP social pay.
- FLOKI has announced its collaboration with the crypto travel agency Travel Care. It enables FLOKi users to book services like hotel reservations, and flights with Floki tokens. It allows users to facilitate a real-world experience.
The Travel care platform offers flights for more than 600 Airlines, accommodation in more than 500,000 hotels worldwide, and 100,000 unique experiences.
- Floki’s first ever USD Perpetuals makes debut on Crypto.com exchange. Crypto.com is one of the biggest crypto exchange platforms supporting over 250+ cryptocurrencies and 20+ fiat currencies founded in 2006 and currently has 80M active users. This is Floki’s first USD derivatives pair.
4. Floki stood second whereas ETH stood first in the Galaxy score for the top 15 coins released by LunarCrush. Galaxy Score is a proprietary score that is constantly measuring cryptocurrencies against itself with respect to the community metrics pulled in from across the web.
