moonlightprince (@abdul-majeed) • Hey
moonlightprince (@abdul-majeed) • Hey
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- What a happy day！
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- Gm
- Buy high, sell low.
- Let’s make running your own nodes great again
- COYG!!!✋😂🤚
- Massive news today: Shanghai Upgrade date confirmed 📆 ⚡️
• 16.5M ETH has been staked so far (~30B USD)
• 25% solo stakers. 30% LIDO. 12% Coinbase.
• Date: 12 April, 2023
🧵 Thread: How do ETH withdrawals work? Who are the stakers? Can all of this affect ETH price?
1/11
• What is the Shangai Upgrade? The road so far
As you know, with The Merge ETH migrated from POW to POS.
In POS, ETH is staked to secure the network. People have been staking ETH since December 2020.
2/11
• What is the Shangai Upgrade? The road so far
Up until now, stake ETH was one-way. Stakers could not withdraw it.
However, LSD solutions such as Lido appeared and allowed people to mint tokens such as stETH which are close to 1:1 trading, enabling staked ETH liquidity.
3/11
• What is the Shangai Upgrade?
The Ethereum network is set to upgrade in Apr 12th 2023.
The upgrade will bring changes to the network, including the ability to withdraw staked ETH, worth 30B USD.
Not all ETH would be able to be withdrawn at once.
4/11
• Who are the stakers?
Lido: 29%
Solo stakers: 25%
Coinbase: 12%
Kraken: 7.5%
Binance: 6.1%
Others: 20.4%
5/11
• How much ETH will be withdrawn?
Not all 15M ETH can be withdrawn at once. There is a queue for validators to gradually unlock it.
There are two types of withdrawals, partial and full.
6/11
• Withdrawal types
1. Partial: only interests out, not capital (staked ETH). Maximum amount of ETH possible to be taken is 1M or 1.6B USD
2. Full: interests + capital. Rate limited to only 54,000 ETH/day
(7 validators/epoch. 225 epochs/day) | (24*60)/6.4*7*32 = 54,000
7/11
• Sell pressure
With 50,400 max ETH withdrawable per day, that's 80M maximum potential sell pressure daily.
Last 24hs ETH trading volume was 9B according to CoinGecko.
80M is less than 1% ETH's last 24hs trading volume.
8/11
• LSD = Liquid Staking Derivatives
We also need to consider that ~57% of ETH stakers have liquid access to their ETH thanks to solutions like Lido or Rocketpool.
So these people could have sold long ago, they did not have to wait until April 12 like the other 43%
9/11
• ETH issuance in POW?
Before The Merge, block reward was 2.2 ETH per block. At an AVG rate of 15 seconds/block, that is around 11,500 ETH per day.
10/11
Some of the information from this thread was taken from this report by Binance Research: 🔗 https://research.binance.com/en/analysis/ethereum-shanghai-upgrade
And Dune: 🔗 https://dune.com/hildobby/eth2-staking
11/11
Final thoughts on Shanghai
• The Shanghai Upgrade is a crucial step in the development of the Ethereum network.
• It might cause some price movement in the short term, but for me it is bullish for the ecosystem long term.
ETH has been deflationary in the last 7 days.
Join Alpha Discord: https://earndrop.io/discord
- $ETH at $2,000🥹
- Anybody wants to play FIFA here?
- Manchester United will always break your heart.
- Is top 2000 possible?💀
- Who has been able to play this Imaginary zones Brider game easily?
- $ETH post Shanghai upgrade?
- Is Madlads pulling another Okaybears?
- What’s your thoughts on lock drops?
- Farming airdrops is the new alpha?
- 24hours to bridge out of Zksync Era to Mainnet with their native bridge is too much. They need to start processing it fast now.
- What project is giving us the most money in Q2?
- OS gave gem users free money but can’t reward their day ones? 🤣🤣🤣
- Everybody loves free money 😄
- We are all gonna make it right??
- Take profit and chop, your papa no be dev.
- 🤣🤣🤣
[DeFI Saint 🦇🔊 on Twitter](https://twitter.com/TheDeFISaint/status/1640369931601559559)
“You hyped a Project for 2 years+
They gave you a free token and you just sold all for null
And you're currently looking for the next Airdrop immediately and you think you GMI??”
- 🤣🤣🤣
[DeFI Saint 🦇🔊 on Twitter](https://twitter.com/TheDeFISaint/status/1640369931601559559)
“You hyped a Project for 2 years+
They gave you a free token and you just sold all for null
And you're currently looking for the next Airdrop immediately and you think you GMI??”
- Gm! Are we seeing $ARB at decimal before it moons?
- Trying to farm all airdrops will make you lose more money because with the fees on that $MASK speculated drop, it’s just similar to saving your money with them to collect later 🤣. The real alpha will come easy and stress free as it rewards mainly active participants that use them when they need to and not only farm.
- Gm! Are we seeing $ARB at decimal before it moons?