• Ethereum transitioned to a Proof-of-Stake (PoS) consensus mechanism in September 2022
• Stakers were able to deposit 32 ETH into a staking contract since November 2020, but were unable to withdraw their rewards until the Shanghai upgrade in April 2023
• According to K33 Research, nearly 1.5 million ETH ($2.8 billion) has been withdrawn since the Shanghai upgrade
Ethereum Transitioned to PoS
In September 2022, Ethereum finally switched towards a Proof-of-Stake (PoS) consensus mechanism. This system requires stakers to deposit 32 ETH into the staking contract in order to become a validator on the blockchain.
Staking Contract Live Since November 2020
The staking contract had already been live on a test blockchain since November 2020, allowing holders to deposit into the contract and earn staking rewards since then. However, they weren’t able to withdraw their coins from the contract until April 2023 when the Shanghai upgrade was released.
1.5 Million ETH Withdrawn Since Shanghai Upgrade
According to K33 Research (formerly Arcane Research), nearly 1.5 million ETH ($2.8 billion) has been withdrawn since 12 April 2023 when the hard fork occurred. The withdrawals were divided between full and reward-only ones – 462,468 ETH for full withdrawals and 891,916 ETH for reward only withdrawals respectively.
80% of Rewards Withdrawn
Data from a research firm has revealed that nearly 80% of the Ethereum staking rewards have been withdrawn since the Shanghai upgrade – demonstrating how eager investors are to cash out their earnings now that this functionality is available again.
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