Ethereum sees $10 million worth of withdrawals after “Shanghai” upgrade.

Ethereum just saw $10 million worth of withdrawals following the completion of the much anticipated “Shanghai” upgrade.

Also known as “Shapella”, the upgrade, which split off a new blockchain, completed Ethereum’s multi-year transition to a full proof-of-stake network, allowing users to withdraw their staked #ETH or redeem accrued rewards.

Co-founder Vitalik Buterin stated “we’re in a stage where the hardest and fastest parts of the Ethereum protocol’s transition are basically over. Very significant things still need to be done, but those very significant things can be safely done at a slower pace.” The blockchain is now expected to focus on scaling, making transactions faster and cheaper.

Overall, the upgrade marks a significant step forward for Ethereum’s transition to a full proof-of-stake network, further enhancing the blockchain’s security and decentralization. #Ethereum #ShanghaiHardFork #ProofOfStake #Staking #Cryptocurrency #Blockchain