– Ethereum token unlock is near with the Shapella hard fork scheduled for April 12, re-staking platforms and banks are rolling out their announcements.
– Nearly 15% of Ethereum’s total supply is currently staked, this makes it one of the lowest staked assets among competitors.
– Ethereum “re-staking” could ease the pressure of a sell-off and keep the blue-chip digital asset’s circulating supply relatively low.
Ethereum token unlock is drawing close with the upcoming Shanghai hard fork, also known as Shapella.Currently, nearly 15% of the asset’s supply is staked, lower than its Proof-of-Stake (PoS) competitor blockchains.
Prior to token unlock, projects and institutions have announced “re-staking” solutions for Ethereum, likely to ease the selling pressure from ETH withdrawals.
Also read:
Ethereum holders prepare for Shanghai hard fork, will Ethereum token unlock be delayed?
Ethereum “re-staking” opportunities spring up for stakers
Ethereum token unlock is a key event for the altcoin’s community as stakers will have access to their staked ETH for the first time since December 2020.However, given that the altcoin’s price is over 60% away from its all-time high and nearly 15% of the supply is staked, less than most other PoS blockchains experts believe the community is looking for “re-staking” opportunities.
From digital asset friendly banks and institutions to liquid staking derivatives and crypto exchanges, several firms have lined up their services for “re-staking” the second-largest cryptocurrency by market capitalization.
Sygnum, one of the world’s first digital asset banks, announced Staking-as-a-Service for
Ethereum.
— Sygnum Bank (@sygnumofficial)
[#Ethereum]’s Shanghai upgrade: Time to stake? It’s expected on 12 April, enabling Ether (ETH) staking withdrawals.As the first bank to offer ETH staking, we prioritise security, trust & ownership.
Learn more here: [March 30, 2023]
EigenLayer, a protocol that facilitates the re-staking of Ethereum, is set to welcome validators and users who chose to unstake their ETH tokens from the ETH2 deposit contract and are looking for re-staking facilities.The project is expected to launch mainnet by Q3 2023.
Will re-staking emerge as a driver that pushes ETH to $2,000?
Re-staking ensures that unstaked
ETH does not flood crypto exchanges, in turn easing the selling pressure.At the same time, re-staking combined with ETH burn, contributes to Ethereum turning deflationary over time.Re-staking of the altcoin could therefore emerge as a bullish driver for Ethereum and act as a catalyst that pushes ETH closer to its bullish target of $2,000.
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