shanghai

Delays in Ethereum Unstaking Requests Mount Following Shanghai Upgrade, Resulting in a 2-Week Wait

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But also, the Ethereum blockchain appears to be processing the withdrawals at just 55.4% of its capacity, according to Rated. The upshot is that there’s about a 14-day wait. That's quite a bit longer than several blockchain analysts' estimates prior to Shanghai – that it could take a few hours to a few days to get through the backlog. CoinDesk - Unknown Chart shows status of Ethereum validators post-Shanghai. The pink zone represents those “active exiting.” Note scale of chart is truncated, with vast majority in green or “active ongoing.” (Metrika) Roughly 1,000 validators have fully exited the Beacon Chain. Blockchain analysts have noted that validators associated with Kraken, the crypto exchange, make up about 80% of that queue. That dynamic was expected, since Kraken agreed in February to shut down its staking service in a settlement with the Securities and Exchange Commission. CoinDesk - UnknownThe Rated Network explorer shows that Kraken makes up the majority of validators looking to exit the Beacon Chain (rated.network) Read more: Ethereum’s Shanghai Upgrade Is Complete, Starting New Era of Staking Withdrawals While stakers are starting to withdraw their accrued rewards, Nansen, a blockchain analytics provider, shows that ether (ETH) deposited into the Beacon Chain has started to grow, showing that stakers want to participate in Ethereum’s maintenance of the blockchain going forward. A D V E R T I S E M E N T A D V E R T I S E M E N T But on a net basis, withdrawals still outweigh the deposits. The 24 hour net deposit change into the Beacon Chain currently stands at minus 79,488 ETH (minus 0.4%) at the time of publication. CoinDesk - UnknownChart of ETH Deposits vs Withdrawals into Ethereum's Beacon chain (Nansen) Data about the Shanghai Upgrade will still be rolling in as more liquid staking providers also allow its users to withdraw their staked ETH. Later Thursday, Coinbase, a cryptocurrency exchange which holds about 12.6% of all staked ETH, will allow its users to decide if they want to unstake. Ethereum developers met today to debrief on Shanghai. “Great work everyone on Shapella, it worked!” Tim Beiko, the protocol support lead at the Ethereum Foundation, said at the Ethereum All Core Developers execution layer meeting 159. “The network transitioned successfully. There were a couple minor issues that we saw, but I think overall this was very smooth, and great work everyone!”

Validators looking to fully exit the chain could be looking at a wait of up to 14 days, to get their crypto back, according to Rated Network’s explorer. So many Ethereum validators have put in requests to unstake ether (ETH) from the blockchain following Wednesday’s Shanghai upgrade that the queue to get the cryptocurrency out has backed … Read more