What is “Shapella”?
The upgrade was completed on April 12.
In September last year, Ethereum underwent a major upgrade called “The Merge”, in which the network transitioned from a proof-of-work to a proof-of-stake consensus. Users were rewarded for “staking”, and not selling, their Ether and participation in the validation of the network.
However, it was a one-way street. To date, 18 million Ethereum tokens have been staked on the network, valued at $33 billion. The users were not able to withdraw their holdings.
Users were immediately allowed to withdraw their Ether token. Some 57,600 Ether tokens per day can be withdrawn through full withdrawals and partial withdrawals.
What happened after the Shapella upgrade?
In the past seven days, Ethereum has jumped 9.28 per cent and was trading at $2,097 on Tuesday, according to coinmarketcap.