In just shy of two weeks, if all goes to plan, Ethereum’s eagerly anticipated Shanghai upgrade will go live, enabling the withdrawal of staked ETH from the blockchain network and effectively completing its years-long transition to proof of stake. 

Since December 2020, when Ethereum began that journey to a proof-of-stake model—in which users stake cryptocurrency with a network to validate on-chain transactions, and then are rewarded for that participation with newly generated cryptocurrency—network participants have deposited over $32.95 billion worth of ETH with the network. 

In September, Ethereum’s merge event successfully upgraded the network’s mainnet to a proof-of-stake consensus mechanism, forever changing the way Ethereum transactions are processed and reducing the network’s carbon footprint by 99%, according to figures from the Ethereum Foundation. 

But the merge did not grant stakers on the network the ability to withdraw deposited ETH or the rewards generated by those deposits. Those funds remain captive on Ethereum; Shanghai will finally, after over two years, make them accessible.

On April 12, at <

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Author: Sander Lutz

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