A new software upgrade to the Ethereum blockchain, dubbed Shapella, will let market players redeem their ‘staked ether’
Investors are finally set to gain access to more than $33 billion of ether this week under a planned revamp of the blockchain.
Up to 1.1 million ether will be ready for withdrawals in the week following the revamp of the blockchain, estimated Sreejith Das, CEO at Attestant, a company that facilitates the staking of ether. That would be worth nearly $2 billion, based on the latest ether price of about $1,860. Some corners of the market are worried that unlocking staked coins could lead to massive withdrawals and a wave of selling, which could push prices rapidly lower.
Until the planned revamp this week, investors looking to stake coins had to deposit a minimum of 32 ether at a time for an indefinite period, a hefty sum beyond the reach of an average retail investor. The market value of tokens behind projects like Lido Finance and Rocket Pool, some of the largest projects providing liquidity for crypto staking, have soared nearly six times to $2 billion and four times to $875 million respectively this year, according to CoinMarketCap, on expectations of further growth.
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