Ironside (@ironside) • Hey
Thinking hmmmmmmm
Publications
- gm
- happy burger day!
- twitter seems to be actively trying to push users to lens with these new changes
- Man of Crypto: Vietnam - 16M Crypto users, Growing Economy, Young Population
In this video, we'll take a look at the exciting crypto world of Vietnam. With 16 million crypto users and a growing economy, this is one country you don't want to miss out on.
We spoke 🙊 with Binance, ETH Vietnam, and Coin98
We tried to exchange ETH 💰 for food 🦞and local services 🏄🏻♂️
Take a look 🎥 how far did we go!
Follow us on socials: @manofcryptoxyz
- GM
- Four
- Handart- handscapes (piece 7/100)
- Happy Shanghai day!!!
- Just a regular day on Polygon 🌿
- 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Not all ETH would be able to be withdrawn at once.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• How much ETH will be withdrawn?
Not all 15M ETH can be withdrawn at once.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
- Vitalik sends the first Polygon zkEVM mainnet transaction! by @mycaleum.lens #Lenstube
https://lenstube.xyz/watch/0x69f9-0x01d4
- Out of any positions apart from my long term bags. Gonna touch some grass and sow some peas. Have a great weekend all!
- Looks like Arb isn't following the traditional airdrop play
- 50% of arb has now been claimed, historically when 60% of an airdrop has been claimed it's the optimum time to buy. Can't see any reason why it would be different this time https://dune.com/thedatanerd/arb-airdrop
- Happy arbitrum day all!
- Big day tomorrow frens, try not to get psyoped out of your tokens too early
- There is an infinite amount of money at the Federal Reserve
- Looking forward to the arb airdrop on Thursday. Think some CT influencers are way off in their price targets $10 arb is not happening frens. Remember to follow the general rule of airdrops fade the first dip and sell into the pump on the 3rd or 5th day
- gm World