It has been more than 10 days since the Ethereum Shanghai upgrade. What changes have taken place on the current network? 21Shares research analyst Tom Wan used data to interpret and analyze. The following statistics are as of April 22.
1. 1.3 million ETH have been withdrawn
1.3 million ETH has been withdrawn, worth approximately $2.5 billion. Of these withdrawn ETH, 65.8% are staking rewards or partial withdrawals, and 34.1% are principal or full withdrawals.
2. 10,000 Ethereum validators on the Kraken platform completely quit
Due to regulatory scrutiny, Kraken had to shut down its staking services for US citizens, with the results:
3. Kraken’s share of the Ethereum staking market fell by 1.4%
Before the Shanghai upgrade, Kraken had approximately 7.2% of the Ethereum staking market share, but since withdrawals were launched, this metric has dropped to 5.8%. Overall, CEX’s market share in Ethereum staking has declined (from 27.6% to 25.6%), but the size of CEX’s Ethereum staking pool has increased slightly, from 13.2% to 13.7%.
4. It is worth mentioning that a large number of institutional pledgers have poured into Ethereum
As Shanghai's upgrade reduced liquidity risks, a large number of institutional investors poured into Ethereum. In the past 30 days, users with larger Ethereum pledge inflows include:
5. The proportion of 0x01 certificates increased from 43% to 86%
Validators must change from BLS (0x00) to execution address (0x01) to be eligible for payouts and withdrawals, but BLStoExecutionChange is limited to 16 per block, so far there are 241.3 0x00 Validators changed to 0x01, 0x01 voucher ratio from 43 % rose to 86%.
6. The number of active validators in Ethereum decreased by 1127
After the Shanghai upgrade, the number of active validators on the Ethereum chain decreased slightly, from 562,782 to 561,655.
7. After the Shanghai upgrade, the second largest weekly deposit volume of Ethereum so far appeared
After the Shanghai upgrade, Ethereum’s single-week deposits reached 539,900 ETH, setting the second largest single-week deposit record so far. The largest single-week deposit inflow record occurred in the week of November 23, 2020, when 556,580 ETH were deposited.
8. 20,000 Ethereum beacon chain validators have exited the queue, and 6,710 validators have exited/are in the withdrawal queue
The total ETH balance held by the withdrawing validators is approximately 647,000.
The total ETH balance held by validators who have exited/are in the withdrawal queue is approximately 219,000.
A total of 866,000 ETH will flow out from the full withdrawal channel. In addition, approximately 225,800 ETH (approximately US$420 million) in the beacon chain have not yet been claimed as staking rewards.
9. Estimated amount of re-staking ETH (excluding CEX)
Based on the ETH transfer in the Ethereum blockchain address, the following indicator values can be estimated:
10. Among the leading CEXs that provide Ethereum staking services, Binance ranks first in terms of the number of ETH pledged.
Although a large amount of ETH is sent to CEX, not all of it is used for sale, and some of them may use the Ethereum staking service provided by these CEX to earn rewards/withdrawals. Among the top CEXs that provide Ethereum staking services, Binance ranks first. The amount of pledged ETH in different CEXs is as follows:
11. Among transactions after ETH withdrawal, USDC trading pair is the most popular
Most ETH withdrawals do not occur on DEX. Among withdrawal transactions, the most popular trading pair is ETH/USDC. In terms of trading pairs, the top tokens for purchasing ETH include:
12. Liquidity pledged derivatives (LSD)
In terms of LSD products, stETH seems to be the most popular, with over the past 7 days