Almost 14 million ETH, which is currently worth around 19 billion US dollars, is in Ethereum Staking. ETH is, according to stakingrewards.com, just a few days after the merger the largest Proof of Stake (PoS) blockchain in the crypto world.
However, investors cannot transfer their staked ETH at the moment. This means that every single Ether token staked contributes to reducing the total available supply of Ethereum. Staking thus directly contributes to the ETH price increasing if the demand for ether remains the same or increases.
So far, the Ethereum website says that staked Ethereum will be made tradable with the Shanghai upgrade. However, according to Ethereum developer Micah Zoltu, this statement is incorrect. There is still no exact date for the activation of Shanghai and the developers have not yet agreed on what exactly should be included in it, according to Zoltu.
So investors are still groping in the dark as far as the transferability of their staked ETH is concerned.
No official date for Ethereum Staker yet
The conversion from Ethereum to Proof of Stake was a complete success and went through without any major technical problems. In order for the change from Proof of Work to Proof of Stake to take place without complications, certain functions, such as the ability to withdraw staked ETH from the staking contract, have not yet been implemented.
All eyes are therefore on the next major upgrade – Shanghai – which according to the Ethereum website originally for six to twelve months after the merge was scheduled. However, this requirement has now been dropped – so there is no official date for Shanghai at the moment. It is therefore unclear when and with which upgrade the activation of the portability of staked ether should come.
Still, Shanghai is set to introduce a few other upgrades to the Ethereum blockchain focused on lowering transaction fees. Among other things, the interaction of blocks should be improved by so-called thanks harding.
Thanksharding is a form of sharding that distributes computing power more efficiently by making it easier for stakers to process transaction data, thereby improving the transaction throughput of the Ethereum blockchain.
Thanks to thanks harding, Rollup technology-based Ethereum Layer 2 networks bundle their transactions more efficiently. As a result, their transaction costs can be significantly reduced. You can read here exactly how the rollup technology behind Layer 2 networks such as Arbitrum or Optimism works.
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