Ethereum Validators Regain Confidence Post-Shapella As Staking Volumes Increase

Ethereum's recent implementation of the Shapella update on April 12 was pivotal as it brought about changes for validators, allowing them to withdraw their staked ETH from the network. At first, the development led to a backlog of withdrawal requests as investors looked to cash in on their staked assets.

Timeline of Ethereum

Ethereum's gas fees have hit a new multi-month high due to the growing memecoin frenzy. While this has brought in more revenue for the network, it has also caused congestion and difficulty in processing transactions.

ENS has launched a fiat on-ramp for .eth domain registrations through MoonPay, allowing Web3 users to pay with fiat options such as Apple Pay and Google Pay instead of only Ether. ENS has also upgraded its platform to streamline sign-ups and expand its usability for hosting censorship-resistant websites.

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Two Ethereum (ETH) developers are sounding off on a new European stablecoin that recently launched on the top smart contract platform. The pseudonymous ETH developer known as 0xfoobar tells their 128,000 Twitter followers that the new stablecoin, which launched in France, has an inefficient transfer mechanism and the worst coding they've ever seen.

Data from a research firm has revealed that nearly 80% of the Ethereum staking rewards have been withdrawn since the Shanghai upgrade. 1.5 Million ETH In Total Has Been Withdrawn Since Ethereum Shanghai Upgrade In September 2022, Ethereum finally switched towards a Proof-of-Stake (PoS) consensus mechanism.

Société Générale Forge (SG Forge), the digital asset subsidiary of the prominent French banking firm Société Générale, has unveiled a new stablecoin, CoinVertible ($EURCV), pegged on the Euro. The stablecoin was launched on the Ethereum blockchain, and will be exclusively available for qualified institutional clients.

After the successful implementation of the Shanghai upgrade, Ethereum has reached an 11-month high above $2,000, leading to speculation that its extended bearish trend may finally come to an end. However, the recent macro news regarding interest rate hikes has wiped out all the recent gains and plunged the leading altcoin near $1.9K.

In a recent interview on CNBC's Squawk Box, former SEC Chairman Jay Clayton provided his insight into the ongoing debate about whether Ethereum (ETH) should be considered a security.

The hype around meme-inspired cryptocurrency has caused a spike in the price of Ethereum gas in recent days. The rising demand for transactions on the Ethereum network is a direct effect of the rising value of these tokens.

Kraken is leading the second wave of full-staked Ethereum (ETH) withdrawals, according to Nansen's dashboard. Nansen's data journalist Martin Lee said the U.S.-based crypto exchange has withdrawn over 330,000 ETH.