A large number of institutional pledgers have flooded in. What happened 10 days after the Ethereum Shanghai upgrade?

Written by: 21Shares Analyst Tom Wan

Compiled by: PANews

It has been over 10 days since the Ethereum Shanghai upgrade. What changes have occurred on the network? 21Shares research analyst Tom Wan provides an analysis using data, with the following statistics as of April 22.

1. 1.3 million ETH has been withdrawn

1.3 million ETH has been withdrawn, worth approximately $2.5 billion. Among these withdrawn ETH, 65.8% are staking rewards or partial withdrawals, and 34.1% are principal or full withdrawals.

2. 10,000 Ethereum validators have completely exited on Kraken

Due to regulatory scrutiny, Kraken had to shut down its staking services for U.S. citizens, resulting in:

• Full withdrawals of 333,000 ETH (accounting for 71% of the total full withdrawals from Ethereum)

• Partial withdrawals of 100,000 ETH

• The total value of ETH withdrawn by Kraken users reached $807 million.

3. Kraken's market share in Ethereum staking has decreased by 1.4%

Before the Shanghai upgrade, Kraken's market share in Ethereum staking was about 7.2%, but since the withdrawal feature was launched, this figure has dropped to 5.8%. Overall, CEX's market share in Ethereum staking has decreased (from 27.6% to 25.6%), but the size of CEX's Ethereum staking pool has seen a slight increase, rising from 13.2% to 13.7%.

4. It is worth mentioning that a large number of institutional stakers have flooded into Ethereum

Due to the reduced liquidity risk after the Shanghai upgrade, a large number of institutional investors have entered Ethereum. In the past 30 days, the largest users of Ethereum staking inflows include:

• Stakedfish: 90,000 ETH

• Staked: 70,000 ETH

• Klin Finance: 35,000 ETH

• Bitcoin Suisse: 17,000 ETH

• Figment: 12,000 ETH

5. The ratio of 0x01 validators has increased from 43% to 86%

Validators must change from BLS (0x00) to execution address (0x01) to qualify for payments and withdrawals, but the BLS to Execution Change is limited to 16 per block. As of now, 241.3 0x00 Validators have changed to 0x01, and the ratio of 0x01 validators has increased from 43% to 86%.

6. The number of active Ethereum validators has decreased by 1,127

After the Shanghai upgrade, the number of active validators on the Ethereum chain has slightly decreased from 562,782 to 561,655.

7. After the Shanghai upgrade, Ethereum saw its second-largest weekly deposit volume to date

After the Shanghai upgrade, Ethereum's weekly deposit volume reached 539,900 ETH, setting the second-largest weekly deposit record to date. The largest single-week deposit record occurred in the week of November 23, 2020, when 556,580 ETH was deposited.

8. 20,000 Ethereum Beacon Chain validators are in the exit queue, and 6,710 validators have exited/are in the withdrawal queue

• The total ETH balance held by validators exiting is approximately 647,000 ETH.

• The total ETH balance held by validators who have exited/are in the withdrawal queue is approximately 219,000 ETH.

A total of 866,000 ETH will flow out through full withdrawal channels, and there are approximately 225,800 ETH (about $420 million) in staking rewards in the Beacon Chain that have yet to be claimed.

9. Estimated re-staked ETH amount (excluding CEX)

Based on ETH transfers in Ethereum blockchain addresses, the following metrics can be estimated:

• 95,900 ETH re-staked through P2P ETH Depositor

• 47,600 ETH re-staked through Beacon Chain contracts

• 6,000 ETH re-staked through Ankr

• 2,610 ETH re-staked through RocketPool

• 2,210 ETH re-staked through Lido Finance

10. Among the top CEXs providing Ethereum staking services, Binance leads in staked ETH

Although a large amount of ETH has been sent to CEX, not all of it will be used for sale; some may use the Ethereum staking services provided by these CEXs to earn rewards/withdrawals. Among the top CEXs providing Ethereum staking services, Binance leads, with the staked ETH amounts as follows:

• Binance: 107,000 ETH

• Huobi: 45,200 ETH

• Kraken: 23,000 ETH

• Coinbase: 11,900 ETH

11. In ETH withdrawals, the USDC trading pair is the most popular

Most ETH withdrawals did not occur on DEXs; in withdrawal transactions, the most popular trading pair is ETH/USDC. The top tokens for purchasing ETH include:

• $12.5 million USDC

• $1.3 million stETH

• $917,000 rETH

• $856,000 RPL

12. Liquid staking derivatives (LSD)

In terms of LSD products, stETH seems to be the most popular. In the past 7 days:

• Lido Finance minted 104,000 stETH

• Rocket Pool minted 14,800 rETH

• Coinbase minted 22,800 cbETH

Additionally, in the past 7 days:

• The amount of cbETH burned was 31,700

• The amount of sftxETH burned was 7,880

Note: Rocketpool has opened withdrawals, while Lido has not yet opened.