It’s been a week since Ethereum’s Shapella hard fork, and statistics indicate that Ethereum deposits on April 18 have exceeded withdrawals for the first time since the upgrade. Currently, 929,999 ether worth $1.94 billion is pending withdrawal, and in the last three days, 112,568 ether have been added to the liquid staking protocols.
Just under a million Ether worth close to $2B is waiting to be withdrawn; Average network fee is over $12 per transfer
Since the Shapella update, market participants have been closely monitoring Ethereum withdrawals, as there has been much debate in the past about whether there would be massive selling pressure in the market. However, as of April 18, 2023, that has not been the case. Ethereum (ETH) it is up 9% against the US dollar in the last seven days.
During the week, withdrawals and those waiting to withdraw continued to increase, and currently just under one million ether, or 929,999, are online to withdraw. On Tuesday, Nansen.ai Statistics show that deposits have exceeded withdrawals, for the first time since Shapella was implemented on April 12.
Shapella allowed ethereum participants to withdraw both a validator’s full balance and a validator’s consensus layer rewards. When a full validator cashes out their 32 ether, they are deactivating their validator position in its entirety, while partial cashouts allow punters to simply cash out the rewards earned during the period they started gambling.
The withdrawal queue can take days for people, and statistics currently show that some opt-out participants will wait close to 20 days to unlock their funds. Data on Tuesday showed deposits moving ahead of withdrawals, and ether was added this week to liquid staking protocols like Frax, Lido and Rocketpool.
According liquid participation metrics from defillama.com on April 15, 2023, 8,030,870 ether were locked on liquid staking derivatives platforms. As of today, that number has risen to 8,143,438 ether with a value of $17.10 billion using current ETH exchange rates. The total value locked (TVL) in the Lido liquid staking protocol is $12.65 billion, which is up 1.86% over the past seven days.
In terms of the 8.14 million ether staked, Lido represents 74.22% of the market share with 6,044,058 ETH While Coinbase’s Wrapped Staked Ether protocol lost 2.84%, Rocket Pool posted a 4.37% gain. The seven-day metrics also show that the Frax Ether protocol TVL increased by 13.01%.
Data shows that the annual percentage rate (APR) for staking ethereum is currently 4.87%, according to token.unlocks data. The statistics indicate a jump in the highest Ethereum network fees for the week, as data from bitinfocharts.com shows that the average Ethereum network transaction fee is 0.0059ETH or $12.45 per transfer, while the mid-sized Ethereum network transaction fee is 0.0025ETH or $5.30 per transfer.
etherscan.io gas tracking tool it says that a high priority transaction will go through for 51 qwei or $2.92 per transaction. An Opensea sale costs $10.10, a Uniswap v3 exchange costs $26.02, and sending an ERC20 as Tether (USDT) will have an estimated cost of $7.63 per transfer.
Do you think the trend of increasing deposits will continue? Share your thoughts on this topic in the comments section below.
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