Deposits and withdrawals of ETH, OP, ARB and ERC-20 tokens will be temporarily suspended
Seychelles-based crypto exchange OKX announced that it will temporarily suspend deposits and withdrawals of ETH, OP, ARB and ERC-20 tokens due to the upcoming Ethereum Shapella upgrade.
The upgrade is expected to take place on April 12 at around 22:27 (UTC), at epoch 194048.
🚨 #OKX users! 🚨
Ethereum’s Shapella update is coming soon. Deposits and withdrawals of ETH, OP, ARB and ERC-20 tokens will be temporarily suspended for 1 hour on April 12, 2023 at 21:30 (UTC), until the upgrade is complete.
Stay tuned for updates. 👇
– OKX (@okx) April 11, 2023
In view of this, deposits and withdrawals will be temporarily suspended on the OKX crypto exchange for tokens for approximately one hour on April 12, 2023, 21:30 UTC, until the upgrade is complete.
The Wanchain Interoperability Platform also reports that due to the upcoming Shapella upgrade, the WanBridge interface will be temporarily inaccessible from 22:00 UTC on April 12.
As previously reported, Binance will temporarily suspend deposits and withdrawals for ETH, OP, ARB, and ERC-20 tokens through the Ethereum (ETH), Optimism (OP), and Arbitrum (ARB) networks, starting April 12 at 10:20 p.m. (UTC).
How will Ethereum react?
According InTheBlocka total of 3,614 out of 562,717 ETH validators have chosen to withdraw their ETH from staking, as of yesterday.
📢A total of 3,614 out of 562,717 #ETH validators have chosen to withdraw their $ETH from yesterday’s staking. What impact, if any, will this have on #Ethereum? Share your thoughts👇
— IntoTheBlock (@intotheblock) April 11, 2023
The on-chain analytics firm says that while the Ethereum network may experience an initial drop due to staking withdrawals, the amount of ETH staked will likely increase in the weeks following the Shanghai fork.
Indeed, retail holders who were previously unsure about depositing their assets for an uncertain length of time can now slowly begin to stake more. Additionally, institutional investors who were previously unable to lock their limited partners’ capital into staking will now be able to earn returns on their ETH, eliminating prior risk.
IntoTheBlock predicts that the increase in staking could potentially reach 25-30% within a year.