Ethereum Confirms “Shanghai” Upgrade, Allowing Withdrawal of Pledged ETH

03/03/2023 00:03 • Blockchain Briefs • 75 views

It is reported that the developers of Ethereum confirmed in the conference call held on Thursday (March 2) that the “Shanghai” upgrade will be carried out in the first two weeks of April this year, and this upgrade will allow users to withdraw the pledged ETH. According to the data of Dune Analytics, at present, the ETH pledged by Lido, Coinbase, Karken and Coin has accounted for 56% of the total pledged amount. JPMorgan analysts believe that the upgrading of “Shanghai” will bring “a new era” to the troubled Coinbase. The ETH pledge is expected to bring $225 million to $545 million in revenue for Coinbase every year. （decrypt）

Core developers of Ethereum confirmed that the “Shanghai” upgrade will be carried out in the first two weeks of April, or will bring about US $500 million in revenue to Coinbase

Analysis based on this information:

Ethereum, one of the largest cryptocurrencies, has reportedly confirmed the “Shanghai” upgrade, which will enable users to withdraw the pledged Ether (ETH). The upgrade is expected to take place in the first two weeks of April this year. This development is a welcome relief to many users, especially those who have been struggling to withdraw their pledged ETH due to the lack of a withdrawal mechanism.

According to Dune Analytics, 56% of the total pledged ETH comes from prominent crypto exchanges like Lido, Coinbase, Kraken, and Coin. The successful implementation of the Shanghai upgrade will no doubt boost the confidence of these exchanges and help them retain their customers’ trust.

JPMorgan analysts anticipate that the Shanghai upgrade would usher in a new era for Coinbase, which has been facing regulatory issues and a declining market share. The upgrade could bring between $225 million and $545 million in revenue each year from ETH pledges alone, thereby restoring investor confidence and bolstering Coinbase’s financial status.

The Shanghai upgrade is poised to give Ethereum enthusiasts another reason to celebrate as it offers a more efficient platform for users to pledge, invest and withdraw their funds. Additionally, this new feature will facilitate the diversification of ETH holdings, enabling users to venture into a wider range of investment strategies with ease.

Overall, the Ethereum Shanghai upgrade is long-awaited and extremely timely. As Ethereum continues to dominate the crypto market, the successful upgrade of its protocol would strengthen its position as the go-to platform for blockchain enthusiasts and investors alike.

In conclusion, the Shanghai upgrade is a much-needed development that would increase liquidity for investors, boost revenue for exchange platforms, and elevate Ethereum’s status as the leading blockchain platform. This upgrade goes a long way in catering to the ever-evolving needs of users and creating a more seamless and efficient investment experience.

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