Shanghai Going About as Expected

We’re about half a day into Shanghai now and it’s going pretty much as we would have expected. Let’s take a look at some of the key metrics.

  • 1) Total exits so far ~21k validators (~4% of validators)

source: parsec

  • 2) Majority of exits are from Kraken as they withdraw US users’ stake. Kraken has exited 14,444 validators, which is 37% of their total amount staked and ~2.5% of total. Unclear if there are more to go here or if this is now the entire US balance.


  • 3) Kraken makes up 73% of pending withdrawals. We have not yet seen Celsius start the process but should expect them at some point.

source: nansen

  • 4) Overall have seen ~100k ETH net withdrawals since Shanghai. Deposits have picked back up over past few hours. As an FYI on this chart, deposits in the queue show up here but withdrawals in the queue don’t, so it’s slightly misleading. There is still a fairly substantial withdrawal queue backlog to work through.

source: nansen

source: token.unlocks

  • 5) Just over 50% of validators have correct 0x01 credentials, still waiting on the rest to update. As a reminder, rewards cannot be withdrawn until validators have updated to 0x01.

source: lido

  • 6) Outstanding partial rewards to be withdrawn are ~943k ETH. While 50% of validators have 0x01, this is skewed to newer validators and thus have less accrued rewards, leading to a much higher amount still not eligible for withdrawal.

source: nansen

  • 7) De-risking out-impacting withdrawals? ETH top performer over past 24h.

source: coingecko

Conclusion: Overall Shanghai has gone rather smooth, and nothing unexpected has happened so far. The next few days will see partial rewards worked through and then 15-30 days for the full exits depending on how many more we see exit the queue. We’ll be monitoring this today and over the next few days, and be sure to catch check the chain later today where Jordan and I will talk about the event and what we’re seeing.

Leave your comment...

Hmm it’s quiet here. Be the first to comment on this post!