Ethereum withdrawal, waiting for 2 weeks ── considerable number of validators requested | coindesk JAPAN | Coindesk Japan

After the Ethereum blockchain completed its major upgrade “Shanghai (also known as Chapera)” on April 12, a significant number of validators requested unstaking of staked Ethereum (ETH), so the current situation is that withdrawals are not possible. has been waiting for two weeks.

According to network explorer Rated, the number of validators waiting for withdrawals in the hours after the completion of Shanghai was about 17,000 full withdrawals and 28,500 partial withdrawals. The numbers are not firm, with blockchain analytics firm Nansen estimating the total number of withdrawals to be around 22,000. Meanwhile, Metrika’s Ethereum Foundation dashboard puts it at about 17,000.

According to Nansen, the total number of validators is about 567,000, so only 4% of validators are waiting for a full withdrawal.

100% withdrawal refers to validators initially wishing to withdraw the 32 ETH (approximately $64,000, approximately ¥8.5 million) required to participate in the Proof of Stake (PoS) network.

The Ethereum blockchain appears to be using 55.4% of its capacity to process withdrawals, according to Rated.

Kraken 80% of drawers

The current two-week waiting period for withdrawals is considerably longer than several analysts had predicted before Shanghai (hours to days).

Situation of validators after Shanghai. Pink indicates ‘positive exit’ (Metrika)

The data also shows that validators associated with cryptocurrency exchange Kraken accounted for about 80% of the pending withdrawals. The move was expected after Kraken agreed in February to suspend its staking service in the United States as part of a settlement with the U.S. Securities and Exchange Commission (SEC).

rated. network

While withdrawals continue, according to Nansen, newly deposited ETH is starting to rise, indicating that stakers continue to want to participate in maintaining the Ethereum blockchain.

At present, however, withdrawals exceed deposits. At the time of writing, Beaconchain had 79,488 ETH more withdrawals than deposits in 24 hours.

ETH rises sharply

On the afternoon of the 13th, withdrawals will be accepted at the crypto asset exchange Coinbase, which holds about 12.6% of the staked ETH. More data will be gathered on post-Shanghai developments.

Ethereum developers held a briefing on Shanghai on the 13th.

“Congratulations on your Chapela work! Well done!” said Tim Beiko of the Ethereum Foundation.

“The network migrated successfully. There were a few minor issues, but overall I think it went very smoothly! Good job everyone!”

Around 13:45 Japan time on the 14th, ETH was around $2116, a significant increase of about 10.5% in 24 hours.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Nansen
｜Original: Ethereum Unstaking Requests Pile Up After Shanghai Upgrade, Now at 2-Week Wait