Understanding the Impact of Shanghai’s Ethereum Hard Fork on ETH Unlocking
On April 12th, Glassnode predicted in a report on April 11th that out of the 18.1 million ETHs on the beacon chain in the first week of Shanghai\’s hard fork execution on Ethereum,
On April 12th, Glassnode predicted in a report on April 11th that out of the 18.1 million ETHs on the beacon chain in the first week of Shanghai’s hard fork execution on Ethereum, an estimated 170000 ETHs will be unlocked, accounting for less than 1%. This number includes a pledge reward worth 100000 ETHs (worth $190 million) and a pledge ETH worth 70000 ETHs (worth $133 million).
Glassnode: It is expected that less than 1% of the pledged ETH will be unlocked after the upgrade of Ethereum Shanghai
Introduction
Ethereum, the world’s second-largest cryptocurrency, is preparing for the much-anticipated Shanghai hard fork upgrade on April 12th. The upgrade is set to introduce several significant improvements to the Ethereum network, including lower gas fees, faster transaction processing, and more. Alongside these changes, Shanghai’s hard fork execution is expected to impact the number of ETH unlocking on the beacon chain. Glassnode’s report on April 11th estimated 170000 ETH unlocking after the Shanghai hard fork execution.
What is ETH Unlocking?
Before diving into the effect of the Shanghai hard fork on ETH unlocking, let us understand what ETH unlocking is. Ethereum’s beacon chain mechanism restricts access to the deposited ETHs for a certain period. During this period, the deposited ETHs become locked and cannot be accessed. The goal behind ETH locking is to secure the network and prevent malicious actors from disrupting the network’s stability. However, locked ETHs can be unlocked once the lockup period is over, and this process is known as ETH unlocking.
The Impact of Shanghai’s Hard Fork on ETH Unlocking
Shanghai’s hard fork execution on Ethereum is expected to have a minimal effect on ETH unlocking. According to the Glassnode report, out of the 18.1 million ETHs on the beacon chain in the first week of the hard fork execution, only an estimated 170000 ETHs will be unlocked, which accounts for less than 1% of the total deposited ETHs. This number includes a pledge reward worth 100000 ETHs (worth $190 million) and a pledge ETH worth 70000 ETHs (worth $133 million).
The Reasons for Minimal Impact
Several factors contribute to the minimal impact of the Shanghai hard fork execution on ETH unlocking. One of the primary reasons is the majority of ETH locking occurred on the beacon chain, while only a small fraction of it occurred on Ethereum’s main network. The hard fork upgrade technology that will change Ethereum’s main network passwords will have little effect on the locked ETHs stored on the beacon chain.
Another reason for the minimal impact is the short duration of the hard fork execution. Since the Shanghai hard fork is a brief and non-contentious upgrade, the chances of network disruptions or delays are low. Therefore, there should be no significant changes to the ETH locking and unlocking status.
Conclusion
In conclusion, the upcoming implementation of the Shanghai hard fork on Ethereum will have little to no effect on ETH unlocking. Only a small fraction of the total deposited ETHs will be unlocked, and the upgrade is expected to have little impact on the beacon chain’s ETH locking status. As Ethereum continues to grow and evolve, it is essential to keep track of its developments and understand the potential impacts.
FAQ
Q: What is the Shanghai hard fork upgrade, and what changes does it bring to Ethereum?
A: The Shanghai hard fork upgrade introduces several significant improvements to the Ethereum network, including lower gas fees, faster transaction processing, and more.
Q: How long will the Shanghai hard fork execution last?
A: The hard fork execution is expected to be brief and non-contentious.
Q: Will the Shanghai hard fork have any significant impact on ETH unlocking?
A: No, the hard fork is expected to have little to no effect on ETH unlocking, with only a small fraction of the total deposited ETHs being unlocked.
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