Software upgrade will let market players redeem their’staked ether’
Investors are finally set to gain access to more than $33 billion of ether this week under a planned revamp of the blockchain.
Up to 1.1 million ether will be ready for withdrawals in the week following the revamp of the blockchain, estimated Sreejith Das, CEO at Attestant, a company that facilitates the staking of ether. That would be worth nearly $2 billion, based on the latest ether price of about $1,860. Some corners of the market are worried that unlocking staked coins could lead to massive withdrawals and a wave of selling, which could push prices rapidly lower.
Ethereum developers paved the way for this development with a major upgrade called the “Merge” last year, which ditched energy-intensive mining and moving to a “proof-of-stake” system where ether owners lock up 32 coins to check new records on the blockchain, earning new ether on top of their “staked” coins.
Following the upgrade, staked ether will no longer be locked up on the blockchain, so investors may be more willing to stake coins.
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