Post completion of Ethereum Shanghai Upgrade, it seems that the decentralised market has been instilled with new expectations. From April 12, 2023, onwards, investors have been permitted to ensure withdrawals as it marked Ethereum’s Shanghai hard fork’s conclusion, also known as ‘Shapella’. It’s believed that the question being asked is how has the update impacted overall market sentiments.
According to Beaconcha.in, an open-source Ethereum explorer, 30 minutes into Shanghai Upgrade resulted in nearly 285 withdrawals being handled in epoch 194,408, which refers to allocated time for blocks on a chain to be completed. Sources suggest that the sum total of all transactions amounted to 5,413 ETH.
“The implementation of Shanghai upgrade in Ethereum should boost decentralised finance (DeFi) and smart contracts space. By incorporating proof-of-stake (PoS) and other enhancements, the network should become scalable, efficient, and secure. As a result, DeFi and smart contracts should flourish and progress,” Edul Patel, co-founder and CEO, Mudrex, a crypto-investing platform, told FE Blockchain.
After Shanghai Upgrade, Ethereum price touched $2,100, which was reportedly its highest value during a period of 11 months. Market trends’ analysis has shown that the upgrade has not only permitted users to withdraw their staked Ether but it has also decreased gas fees around the blockchain. Reportedly, 2023 has seen an upward trend in Ethereum price which is expected to continue based on technical indicators. Insights from Medium, an online publishing platform, mentioned that these developments should be crucial for Ethereum 2.0 and for ensuring the “Proto-Danksharding” upgrade, predicted to launch this summer.
“In the long run, we see that this upgrade along with the PoS upgrade, Ethereum’s energy footprint has been reduced by 99.9%. In terms of how it has benefited investors overall, the yield bearing aspect of it makes it promising for institutions to take exposure,” Gaurav Dahake, founder and CEO, Bitbns, a digital asset exchange, highlighted.
Moreover, future predictions indicate this upgrade will draft the roadmap for other upgrades around Ethereum mainnet. As stated by CoinDCX, a crypto company, investors should be able to reap more benefits in terms of rewards and tokens from this point onwards. “I believe Ethereum blockchain’s roadmap addresses improvements over the existing processes. This should improve Ethereum’s acceptance and scalability. I see Ethereum as a long-term wealth creator irrespective of the short-term ups and downs of the market,” Rahul Pagidipati, CEO, ZebPay, a cryptocurrency exchange, concluded.
Follow us on Twitter, Facebook, LinkedIn