Ethereum’s next big upgrade is here
blockchain’s next big software upgrade is poised to happen on Wednesday. But like almost everything else in the digital-asset world these days, the long-anticipated tweaks won’t come without complications.
“The market is going to whipsaw back and forth as they are trying to analyse what the increase in withdrawals is going to look like,” said Henry Elder, head of decentralised finance at Wave Digital Assets. “There’s no doubt in my mind we are going to see a lot of withdrawals.” An added wrinkle: staking provider Lido — which accounts for about a third of all staked ether — is expected to only start enabling withdrawals in May. Another potential issue could involve some of the various computer nodes that support ether staking-wallet services. Once withdrawals are enabled, node operators will need to retrieve the keys needed to unlock users’ deposits.
“Most people have this incorrect perception that when Shanghai goes through, that staking risk is reduced,” Silagadze said. “It’s actually the exact reverse, the risk exponentially grows at this point.”
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