EthUpgrade Unlocks 112000 ETHs, Lido Protocol Bags Over Half

On April 13th, according to the Etherscan page information, after the upgrade of Ethereum Shanghai, 112000 ETHs have been unlocked and extracted, with a value of approximately $218 million. Among them, the Lido protocol extracted a total of 63600 ETHs, accounting for 57.2%.

Data: After upgrading to Ethereum Shanghai, over 110000 ETHs have been unlocked and extracted

April 13th, 2021 marked the day the Ethereum community had been eagerly waiting for, the Shanghai upgrade. The upgrade, which left many speculating over how much it would impact the network, ended up unlocking a total of 112000 ETHs, which amounted to around $218 million.

What is the Ethereum Shanghai Upgrade?

Before delving into the specifics of the upgrade, it is essential to understand what exactly the Ethereum Shanghai upgrade entails. In simple terms, the Ethereum Shanghai upgrade is an update to the Ethereum network that promises to enhance resilience, upgrade performance, and improve efficiency on the network.
The upgrade aims to address the network’s gas fees, which have become a significant issue as the demand for Ethereum has skyrocketed in recent times. Ethereum has been a popular choice for developers looking to create decentralized applications(DApps) and smart contracts, which, in turn, has resulted in a surge in transactions on the network.

The Unlocked ETHs

As mentioned earlier, the Ethereum Shanghai upgrade unlocked a grand total of 112000 ETHs, which is valued at roughly $218 million. This release had many wondering who would be the biggest beneficiaries of the unlocked ETHs.
Among the various protocols that benefitted from the unlocked ETHs, Lido protocol had the largest share, unlocking 63600 ETHs, accounting for 57.2%. The second largest benefactor was Curve, which unlocked 17436 ETHs, while Gnosis came in third, unlocking 12600 ETHs.

What is Lido Protocol?

To understand why Lido protocol was the largest benefactor, it is essential first to understand what Lido protocol is. Lido protocol is an open-source, decentralized platform that allows users to stake their ETH, earn rewards in ETH, and receive liquid stETH tokens. StETH can be freely traded and transferred on supported decentralized exchanges.
One of the reasons why Lido was the largest benefactor was due to its low barrier to entry, which meant that many users could stake their ETH with the platform and earn rewards.

Conclusion

The Ethereum Shanghai upgrade and the subsequent release of the 112000 ETHs have had a significant impact on the Ethereum network and its users. With Lido protocol being the largest benefactor, it has become increasingly important for developers to create platforms that allow users to stake their ETH with ease.
The Ethereum Shanghai upgrade has been a step in the right direction towards creating a more efficient and faster Ethereum network, paving the way for an even more prosperous future.

FAQs

1. What is the Shanghai upgrade?
– The Shanghai upgrade is an update to the Ethereum network designed to enhance resilience and upgrade performance.
2. What is Lido protocol?
– Lido protocol is an open-source, decentralized platform that allows users to stake their ETH and earn rewards.
3. How much ETH was unlocked after the Shanghai upgrade?
– 112000 ETHs were unlocked after the Shanghai upgrade, with a total value of around $218 million.