A week after the Chapera hard fork of Ethereum, statistics show that on April 18 Ethereum deposits exceeded withdrawals for the first time since the upgrade. Currently, 929,999 ethers worth $1.94 billion are awaiting withdrawal, and in the past three days, 112,568 ethers have been added to the liquid staking protocol.
$20 billion worth of 1 million ether awaiting withdrawal, with average network fees jumping to over $12 per transfer
Market participants were closely monitoring ethereum withdrawals, as there had been discussions in the past that the market would experience massive selling pressure since the Chapera upgrade. However, as of April 18, 2023, that has not happened. Ethereum (ETH)has gained 9% against the US dollar over the past seven days.
Over the past week, the number of withdrawals and people waiting for withdrawals has continued to increase, with just under 1 million ethers and 929,999 people currently waiting for withdrawals. On Tuesday,for the first time since Chapera was implemented on April 12, deposits exceeded withdrawals, according to Nansen.ai statistics.
Shapera allowed Ethereum stakeholders to withdraw both the full validator balance and the consensus tier rewards of the validator. While removing the full validator’s 32 ether would invalidate the validator’s position as a whole, a partial withdrawal would simply withdraw the rewards earned during the period in which the staker began staking.
Withdrawal queues can take days for people, and statistics show that some unstaked participants currently wait nearly 20 days to unlock their funds. On Tuesday, data showed that deposits outpaced withdrawals, and this week Ether was added to liquid staking protocols such as Frax, Lido, and Rocketpool.
According toLiquid Staking Metricsfrom defillama.com on April 15, 2023, 8,030,870 ethers are locked to liquid staking derivative platforms. As of today, this number has increased to 8,143,438 ether worth $17.1 billion using the currentexchange rate of ETH. The total value locked in Liquid Staking Protocol Lido (TVL) is $12.65 billion, an increase of 1.86% over the past seven days.
With 8.14 million ether staked, Lido has 6,044,058with a 74.22% share. staked ETHwhile Coinbase’s Wrapped Staked Ether protocol flowed 2.84%, Rocket Pool saw a 4.37% increase; 7-day metrics also show a 13.01% increase in Frax Ether protocol TVL. Data from
49}token.unlocksshows that the annual percentage rate (APR) of Ethereum staking is currently at 4.87%. Statistics show a spike in ethereum network fees during the week, and data from bitinfocharts.com shows that the average ethereum network tra