The Ethereum network has just claimed another milestone on its impressive and expansive roadmap. The Shapella upgrade has made it possible for long time ETH stakers to unlock their stakes and claim long awaited rewards. Over $30B worth of ETH had been locked up prior to the successful upgrade on April 12th.
Bears have hypothesized that post Shapella ETH would be sold en-masse leading to a price death spiral. Bulls have been touting the likelihood that institutional investors have been waiting until now to consider ETH staking a viable investment.
At the time of this writing, the ETH bulls are running the show. The price of ETH has risen 10% to $2,100 per ETH since the upgrade was successfully completed and this has triggered alts like the newly released ARB, the governance token on Ethereum layer 2 chain Arbitrum, to rise 44% in 48 hours!
About half of the total staked ETH supply are wrapped in liquid staking derivatives and TVL of these LSDs has increased over the past 7 days according to DefiLlama.
Most ETH upgrades have “been buy the rumor and sell the news” events, which are typical for most news-worthy financial events, but so far, the price of ETH has only gone up this year besides a healthy correction in March. ETH is up 79% this year, nearly catching up to Bitcoin’s 87% rise since Jan 1, ’23.
ETH has been trending more and more deflationary since Jan. 15th of this year, and this should only push the price up as demand continues to grow. Speaking of demand, total value locked on the Ethereum network has gone up 11% in the last 30 days and a massive 6% in the last 24 hours!
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