Ethereum's New Era 🌟✨
Updated
Ethereum has just broken over the 2000$ mark after a successful Shanghai Upgrade.
Ethereum’s Shanghai hard fork, also referred to as “Shapella,” has been finalized, enabling withdrawals for users who have “staked” their ether (ETH) to secure and validate transactions on the blockchain.
The Shanghai upgrade was triggered at 22:27 UTC, and finalized at about 22:42 UTC.
🎋The tree:
Roughly half an hour after the Shanghai upgrade was activated, some 285 withdrawals in epoch 194,408 had been processed, for about 5,413 ETH (
10 million worth). Many thought the price would crash, neglecting the forest (pto)
🌳🌲🎄🌴🌲🌳The Forest:
The much anticipated hard fork – essentially upgrading the blockchain by splitting off a new one – has been characterized by members of the Ethereum community as a historic milestone, completing its multi-year transition to a full proof-of-stake network.
✨In a proof-of-stake system, users “stake” cryptocurrency as a form of guarantee to help secure and confirm new data blocks. Last year, the blockchain left behind its original proof-of-work consensus mechanism – the same one the Bitcoin uses – but until now users had been unable to withdraw their staked ether or redeem accrued rewards, a crucial feature of the new paradigm.
✨Validators can now withdraw staked ETH
Ethereum’s Shanghai upgrade introduces an important new feature that allows validators who previously staked ETH on-chain to withdraw those tokens for the first time.
✨However, the upgrade will not flood the market with ETH. Ethereum will only permit 1,350 full validators to withdraw their stake each day over the next 18 months. Because each validator stakes 32 ETH, no more than 43,200 ETH (
83 million at current prices) can enter the market per day — and it is unlikely that all validators will withdraw their ETH.
✨According to data, 170,689 ETH is waiting for full exit and 4,799 validators are waiting for full exit, amounting to approximately 1% of stakers and staked ETH.
✨Ethereum Now Deflationary:
Ethereum has been deflationary due to a surge in on-chain activity on protocols such as Uniswap and Blur.
The network pushed an upgrade (EIP-1559) in August 2021 that meant transaction fees would be burned instead of directed to the network’s miners — a precursor to Ethereum’s switch to proof-of-stake last September.
EIP-1559 at times inspired Ethereum to produce deflationary blocks (more ETH burned than distributed). But the asset has now been solidly deflationary every day since late January.
✨Why Ethereum?
In the crypto’s own words, Ethereum is “a global, decentralized platform for money and new kinds of applications,” with thousands of games and financial apps running on top of the Ethereum blockchain. The crypto is so popular that even other crypto coins run on its network.
Central to Ethereum is its blockchain network. A blockchain is a decentralized, distributed public ledger where transactions are verified and recorded.
It’s distributed in the sense that everyone participating in the Ethereum network holds an identical copy of this ledger, letting them see all past transactions. It’s decentralized in that the network isn’t operated or managed by any centralized entity—instead, it’s managed by all of the distributed ledger holders.
Blockchain transactions use cryptography to keep the network secure and verify transactions.
Ether, the native token on Ethereum, can be used to buy and sell goods and services just like Bitcoin. But what’s unique about Ethereum is that users can build applications that “run” on the blockchain like software “runs” on a computer.
🌟Keep a good eye on Ethereum and it's ecosystem and stick around for our Top-10 Ethereum built tokens
One Love,
The FXPROFESSOR✨
Ethereum’s Shanghai hard fork, also referred to as “Shapella,” has been finalized, enabling withdrawals for users who have “staked” their ether (ETH) to secure and validate transactions on the blockchain.
The Shanghai upgrade was triggered at 22:27 UTC, and finalized at about 22:42 UTC.
🎋The tree:
Roughly half an hour after the Shanghai upgrade was activated, some 285 withdrawals in epoch 194,408 had been processed, for about 5,413 ETH (
10 million worth). Many thought the price would crash, neglecting the forest (pto)🌳🌲🎄🌴🌲🌳The Forest:
The much anticipated hard fork – essentially upgrading the blockchain by splitting off a new one – has been characterized by members of the Ethereum community as a historic milestone, completing its multi-year transition to a full proof-of-stake network.
✨In a proof-of-stake system, users “stake” cryptocurrency as a form of guarantee to help secure and confirm new data blocks. Last year, the blockchain left behind its original proof-of-work consensus mechanism – the same one the Bitcoin uses – but until now users had been unable to withdraw their staked ether or redeem accrued rewards, a crucial feature of the new paradigm.
✨Validators can now withdraw staked ETH
Ethereum’s Shanghai upgrade introduces an important new feature that allows validators who previously staked ETH on-chain to withdraw those tokens for the first time.
✨However, the upgrade will not flood the market with ETH. Ethereum will only permit 1,350 full validators to withdraw their stake each day over the next 18 months. Because each validator stakes 32 ETH, no more than 43,200 ETH (
83 million at current prices) can enter the market per day — and it is unlikely that all validators will withdraw their ETH.✨According to data, 170,689 ETH is waiting for full exit and 4,799 validators are waiting for full exit, amounting to approximately 1% of stakers and staked ETH.
✨Ethereum Now Deflationary:
Ethereum has been deflationary due to a surge in on-chain activity on protocols such as Uniswap and Blur.
The network pushed an upgrade (EIP-1559) in August 2021 that meant transaction fees would be burned instead of directed to the network’s miners — a precursor to Ethereum’s switch to proof-of-stake last September.
EIP-1559 at times inspired Ethereum to produce deflationary blocks (more ETH burned than distributed). But the asset has now been solidly deflationary every day since late January.
✨Why Ethereum?
In the crypto’s own words, Ethereum is “a global, decentralized platform for money and new kinds of applications,” with thousands of games and financial apps running on top of the Ethereum blockchain. The crypto is so popular that even other crypto coins run on its network.
Central to Ethereum is its blockchain network. A blockchain is a decentralized, distributed public ledger where transactions are verified and recorded.
It’s distributed in the sense that everyone participating in the Ethereum network holds an identical copy of this ledger, letting them see all past transactions. It’s decentralized in that the network isn’t operated or managed by any centralized entity—instead, it’s managed by all of the distributed ledger holders.
Blockchain transactions use cryptography to keep the network secure and verify transactions.
Ether, the native token on Ethereum, can be used to buy and sell goods and services just like Bitcoin. But what’s unique about Ethereum is that users can build applications that “run” on the blockchain like software “runs” on a computer.
🌟Keep a good eye on Ethereum and it's ecosystem and stick around for our Top-10 Ethereum built tokens
One Love,
The FXPROFESSOR✨
Note
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Note
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