The Defiant

ETH Staking Deposits Exceed Withdrawals After Shapella Upgrade

Over 61,000 ETH Was Burned In The Last Week Amid Increased Network Activity

By: Tarang Khaitan Loading...

ETH Staking Deposits Exceed Withdrawals After Shapella Upgrade

Ether staking has been outpacing withdrawals, with investors depositing 192,000 ETH while only withdrawing 29,000 ETH in the past 24 hours. This marks the first time since the Shapella upgrade in April that the cumulative amount of ETH staked has exceeded the total amount of ETH withdrawn.

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In addition to the surge in staking activity, the Ethereum network is experiencing a significantly increased burn rate, with more than 61,000 ETH being burnt in the past seven days alone. This is largely due to Uniswap, the largest decentralized exchange by trading volume, which contributed almost half of the ETH being burnt.

Looking ahead, the Ethereum foundation has tentatively selected the Ethereum Improvement Proposals (EIPs) to be included in the next major Dencun update, with a focus on EIP-4844, also known as the Surge. This update is expected to significantly decrease the transaction costs of Ethereum's Layer-2 networks.

Attestation Service

The Ethereum Attestation Service (EAS) now allows users to attest any type of file. The project went live in March on the mainnet and the Arbitrum network. EAS is a tokenless public good that aims to provide a valuable tool for verifying the authenticity of data and combatting malicious actors.

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