Ethereum Deposit Volume Surges After Shanghai Upgrade: Second Largest Record Set

According to reports, according to 21Shares analyst Tom Wan, the weekly deposit volume of Ethereum reached 539900 ETHs in the week after Shanghai’s upgrade, setting the second largest weekly deposit record to date. The largest weekly deposit record for inflows occurred on November 23, 2020, when 5565800 ETHs were deposited. Among the top CEX providing Ethereum pledge services, the number of ETHs pledged by Coin is the highest, reaching 107000. Other CEX data include: Huobi: 45200 ETHs, Kraken: 23000 ETHs, and Coinbase: 11900 ETHs.

Data: After the upgrade in Shanghai, the weekly deposit volume of Ethereum reached nearly 540000 ETHs, setting the second highest record in history

Introduction

In recent news reports, 21Shares analyst Tom Wan reveals that Ethereum’s weekly deposit volume surged to 539900 ETHs after Shanghai’s upgrade. This sets a new record for the second largest weekly deposit inflow. The largest weekly deposit record occurred on November 23, 2020, with a deposit of 5565800 ETHs. Among the top CEX providing Ethereum pledge services, Coin has pledged the highest number of ETHs, reaching 107000. In contrast, Huobi pledged 45200 ETHs, Kraken pledged 23000 ETHs, and Coinbase pledged 11900 ETHs.

The Shanghai Upgrade

The Shanghai upgrade is the latest upgrade to the Ethereum network, and it is named after the Chinese city where most Ethereum developers are located. The upgrade aims to improve the network’s scalability and transaction processing capacity. This upgrade is one of the steps towards transitioning Ethereum from Proof-of-Work to Proof-of-Stake, a more energy-efficient consensus mechanism. As a result, the Ethereum network is expected to become faster, more secure, and more sustainable.

The Surge in Deposit Volume

The surge in deposit volume after the Shanghai upgrade reflects the growing interest in Ethereum and its potential as a leading blockchain platform. The high deposit volume also indicates that investors and traders are optimistic about the future of Ethereum, and they are willing to pledge their assets to support the network. The fact that Ethereum is the second largest cryptocurrency by market capitalization and has a strong user and developer community also contributes to its popularity and adoption.

The Top CEX Providing Ethereum Pledge Services

Coin is the top CEX providing Ethereum pledge services, with a total pledged amount of 107000 ETHs. Coin is a cryptocurrency exchange based in South Korea, and it offers a variety of trading pairs, including ETH/KRW, BTC/KRW, and XRP/KRW. Coin has a user-friendly interface and a fast and secure trading engine, making it a popular choice for traders and investors. In addition to Coin, other top CEX providing Ethereum pledge services include Huobi, Kraken, and Coinbase.

Huobi, Kraken, and Coinbase

Huobi is a digital asset exchange and trading platform based in Singapore, and it offers a wide range of cryptocurrency trading pairs, including ETH/USDT, BTC/USDT, and DOT/USDT. Huobi has a strong user base in Asia and is known for its high liquidity and low trading fees. Kraken is a US-based cryptocurrency exchange and trading platform, and it offers over 50 trading pairs, including ETH/USD, BTC/USD, and ADA/USD. Kraken is known for its excellent security measures and its strong commitment to regulatory compliance. Coinbase is a popular US-based cryptocurrency exchange, wallet, and trading platform, and it offers a wide range of trading pairs, including ETH/USD, BTC/USD, and XRP/USD. Coinbase is known for its user-friendly interface and its high level of accessibility.

Conclusion

The surge in Ethereum deposit volume after the Shanghai upgrade is a positive sign for the future of Ethereum and the wider blockchain industry. It reflects the growing interest in Ethereum and its potential as a leading blockchain platform. Moreover, it shows the support and confidence that investors and traders have in Ethereum and its development roadmap. The top CEX providing Ethereum pledge services, including Coin, Huobi, Kraken, and Coinbase, are well-positioned to benefit from the increasing demand for Ethereum and other cryptocurrencies.

FAQs

Q1. What is the Shanghai upgrade?

The Shanghai upgrade is the latest upgrade to the Ethereum network, and it aims to improve the network’s scalability and transaction processing capacity. It is named after the Chinese city where most Ethereum developers are located.

Q2. Why did the deposit volume surge after the Shanghai upgrade?

The surge in deposit volume after the Shanghai upgrade reflects the growing interest in Ethereum and its potential as a leading blockchain platform. The high deposit volume also indicates that investors and traders are bullish on Ethereum’s future and are willing to pledge their assets to support the network’s development.

Q3. Which CEX provides the highest Ethereum pledge services?

Coin is the top CEX providing Ethereum pledge services, with a total pledged amount of 107000 ETHs. Other CEX providing Ethereum pledge services include Huobi, Kraken, and Coinbase.