Report: Most Ethereum stakers ‘under water’

Just like The Merge in fall 2022, the most hotly anticipated on-chain development event in spring 2023 is another significant upgrade to the Ethereum network, called Shanghai (or Shapella).

Most crypto observers know Shanghai will allow for unstaking on Ethereum. But as for details and implications of the upgrade, Binance Research is here to help.

Binance Research has released a report by Shivam Sharma called, “Ethereum's Shanghai Upgrade: By the Charts.”

The report covers the basics of the Shanghai upgrade in the context of The Merge, which transformed Ethereum from a Proof of Work into a Proof of Stake blockchain, but also dives into the amounts of $ETH involved in staking, the landscape of liquid staking, opportunities, risks and the project timeline, culminating in Shanghai’s Mainnet launch in early April.

“The majority of ETH stakers are underwater and have little financial incentive to sell at the current ETH price (at least on a purely mathematical basis),” according to the report.

Check out the full report here.

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