Following the recent Shapella upgrade, the proof-of-stake blockchain has now enabled withdrawals for the first time, resulting in a surge of activity among ETH holders who are eagerly staking their tokens with network validators.
As a result, deposit activity has reached its highest level since the implementation of the Shapella upgrade last month.
A remarkable milestone
Just a month after the successful implementation of Ethereum’s Shapella upgrade, the network has witnessed a remarkable milestone as the total volume of staked ETH has surged past 20 million.
The Shapella upgrade, an important protocol enhancement, introduced various improvements to the Ethereum blockchain, including the enabling of withdrawals for tokens previously locked in staking contracts.
This pivotal upgrade was finalized in mid-April and has since marked a significant step forward in ethereum’s ongoing transition from a mining-based system to a more sustainable and energy-efficient proof-of-stake (POS) consensus mechanism.
It is worth noting that with the Shapella upgrade, the Ethereum blockchain completed its merge upgrade phase, which will allow for the transition to a scalability focus in an upcoming phase, surge.
Other notable developments
Lido Finance, a prominent player in the staking ecosystem, has emerged as a key platform following the successful implementation of Ethereum’s Shapella upgrade.
The platform offers users the flexibility to stake any amount of ETH, eliminating the need for users to directly deposit to the mainnet, which typically requires a minimum deposit of 32 ETH.
Lido Finance recently deployed its v2 iteration on May 15, following a successful on-chain vote. This milestone demonstrates the platform’s commitment to improvement and delivering features to its users.
As the staking landscape continues to evolve, platforms like Lido Finance play a crucial role in democratizing staking and expanding access to a wider audience.
By offering a flexible staking solution that bypasses the minimum deposit requirement, Lido Finance empowers individuals to participate in Ethereum’s POS consensus mechanism without significant barriers to entry.
Adding to the excitement, an ethereum whale, known to have participated in the blockchain’s initial coin offering (ICO), has reemerged after a dormant period exceeding two years. According to Lookonchain, this prominent investor has staked a staggering 4,032 ETH, equivalent to almost $7.4 million.
This impressive move further underscores the growing interest and confidence in Ethereum’s staking ecosystem as it continues to evolve.