According to the chain’s data, the net worth of Ethereum removed from the stake has surpassed $1 billion in value in the last 24 hours, once again demonstrating the network’s ability to perform live updates across the entire network. seamless network.
ETH withdrawals in action
A total of $1.7 billion has been withdrawn since the Shanghai and Capella updates went live. However, when round 2 of withdrawals began, the value of Ethereum withdrawn increased. Round 1 took 4.14 days to complete, as the validators in the queue were processed.
There are currently 18,442,455 ETH being staked, worth $38.5 billion at press time. As a result,
ETH staked represents 15.32% of the total supply, with 33% staked with Lido.
With withdrawals now open, investors have been withdrawing their initial capital and earned rewards. Stake Ethereum earns interest over time, and when a validator earns more than 32 ETH through rewards, the excess amount is not added to their principal. Instead, it is automatically withdrawn as a reward payment every few days.
The graph below shows the big difference between deposits and withdrawals (rewards and main funds) since the update.
Participation rewards started around 15% and were placed on a predefined downward curve relative to the number of validating participants until the merger when the network took over. The current validator reward is 4.33%, including consensus rewards and transaction fees. These rewards increased to around 5.2% in the days leading up to the update, but have since returned to their downward trajectory. Total staking rewards have fallen 1.4% since the merger last September, when they jumped from 4.3% to 5.8%.
In addition to the change in deposits, withdrawals, and rewards, the average value of Ethereum wagered with validators has dropped since withdrawals opened. As a result, 54.3% of stakeholders are now making profits on ETH of around $2,000.
Ultimately, the Shanghai and Capella updates appear to have been a success, with the network processing new deposits, withdrawals, and reward payments without any significant issues. Furthermore, these actions are being made in a volume of billions of dollars on Ethereum daily.
While blockchain networks can still be considered in beta in many ways, the ability of Ethereum to undertake such huge tasks of live network upgrades without a hitch is very encouraging for our burgeoning industry.
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