$1B staked ETH withdrawn in 24hrs as round 2 begins

$1B staked ETH withdrawn in 24hrs as round 2 begins

Apr. 16, 2023

By Liam 'Akiba' Wright

Shanghai, Capella, Bellatrix, Paris... Ethereum performs 'digital heart surgery at 100 mph' again

According to on-chain data, the net value of Ethereum removed from staking has surpassed $1 billion in value over the past 24 hours, yet again showcasing the network’s ability to perform live network-wide updates without issue.

ETH withdrawals in action

A total of $1.7 billion has been withdrawn since the Shanghai and Capella upgrades went live. However, as round 2 of withdrawals began, the value of Ethereum withdrawn increased. Round 1 took 4.14 days to complete as validators in the queue were processed.

18,442,455 ETH is currently staked, with a value of $38.5 billion as of press time. As a result, staked ETH makes up 15.32% of the total supply, with 33% staked with Lido.

With withdrawals now open, investors have been withdrawing their initial capital and the earned rewards. Staked Ethereum earns interest over time, and when a validator earns over 32 ETH through rewards, the excess amount does not add to their principal. Instead, it gets withdrawn automatically as a reward payment every few days.