Positive momentum is building for the upcoming upgrade to Ethereum, a decentralized blockchain with smart contract functionality, found a survey conducted by OKX, a Seychelles-based cryptocurrency exchange.
The two-part Shanghai a cappella event dubbed The upgrade “chabela”is now due on April 12th.
The upgrade comes eight months after the integration of Ethereum, a hard fork of the blockchain that shifted the platform’s consensus mechanism from Proof of Work to a Proof of Stake (PoS) system. However, investors have been participating in ETH staking on the Beacon Chain since December 2020. The Beacon Chain, a PoS blockchain launched on Ethereum, was later merged with the Ethereum Mainnet in September last year.
The expected Shapella upgrade, initially scheduled for last month, means that investors will finally be able to withdraw their ETH. The OKX survey found that a majority (83%) of the Ethereum community expects more ETH to be staked in the next three months, indicating a positive perception or acceptance of the development.
📣 Turn off the hot compress 📣
latest #OKX The survey discovered that 83% of the community expects more ETH around #chabela Upgrade 🤯
More ideas about # Ethereum Enthusiasts here: https://t.co/sRV8op1VHA pic.twitter.com/kZwt8g6Jn1
– OKX (okx) April 7, 2023
ETH price movement over the past 7 days. Source: CoinMarketCap
According to OKX, its findings are based on a survey of 700 ETH traders, investors, and network developers from March 1-5, 2023 at the ETH Denver conference.
CoinMarketCap’s The latest data shows that the price of ETH, as of April 7, 2023, has reached more than $1,800, up from around $1,820 seven days ago. However, the majority (63%) of respondents to the OKX survey expect ETH to be worth more than $5,000 by the end of the year.
Furthermore, another majority (79%) expect the ETH price to react differently to the Shapella upgrade than it does to the merger. Of this majority, 59% believe that the price of ETH will continue to rise before and after the upgrade. On the other hand, less than a quarter (20%) of them expect the Ethereum price to move sideways.
Thirty-three percent of respondents believe that ETH will be above its six-month high of $2,000 in June 2023, but still below its 12-month high of $3,000. (Other) 34% expect Of those surveyed, ETH is expected to be below $2,000, while 33% believe it will be at least $3,100 by June 2023, OKX explained.
#ETH Continue to climb before the next #chabela Upgrade, approaching $2K region – Daily Price Update 4.5.23 pic.twitter.com/tpkKnuahw4
– Bitcoin News (BTCTN) April 5, 2023
Crypto reps preparing for ‘Chabella’
According to OKX, a total of $17.9 million has been deposited in Ethereum as of April 5, 20223. This comes to over $34 billion in ETH.
Already, digital asset companies have been preparing for opportunities that Chabela’s upgrade could capitalize on. In late March, cryptocurrency exchange Bybit launched a new “improved” Web3 Staking Pool to give its users access to “uncomplicated ETH staking options.”
In addition, ConsenSys, an Ethereum software and decentralized protocol company, launched the first institutional cryptocurrency pool marketplace. The software company believes that the Shapella upgrade can help boost institutional participation in the ETH Staking..
Positive momentum is building for the upcoming upgrade to Ethereum, a decentralized blockchain with smart contract functionality, found a survey conducted by OKX, a Seychelles-based cryptocurrency exchange.
The two-part Shanghai a cappella event dubbed The upgrade “chabela”is now due on April 12th.
The upgrade comes eight months after the integration of Ethereum, a hard fork of the blockchain that shifted the platform’s consensus mechanism from Proof of Work to a Proof of Stake (PoS) system. However, investors have been participating in ETH staking on the Beacon Chain since December 2020. The Beacon Chain, a PoS blockchain launched on Ethereum, was later merged with the Ethereum Mainnet in September last year.
The expected Shapella upgrade, initially scheduled for last month, means that investors will finally be able to withdraw their ETH. The OKX survey found that a majority (83%) of the Ethereum community expects more ETH to be staked in the next three months, indicating a positive perception or acceptance of the development.
📣 Turn off the hot compress 📣
latest #OKX The survey discovered that 83% of the community expects more ETH around #chabela Upgrade 🤯
More ideas about # Ethereum Enthusiasts here: https://t.co/sRV8op1VHA pic.twitter.com/kZwt8g6Jn1
– OKX (okx) April 7, 2023
ETH price movement over the past 7 days. Source: CoinMarketCap
According to OKX, its findings are based on a survey of 700 ETH traders, investors, and network developers from March 1-5, 2023 at the ETH Denver conference.
CoinMarketCap’s The latest data shows that the price of ETH, as of April 7, 2023, has reached more than $1,800, up from around $1,820 seven days ago. However, the majority (63%) of respondents to the OKX survey expect ETH to be worth more than $5,000 by the end of the year.
Furthermore, another majority (79%) expect the ETH price to react differently to the Shapella upgrade than it does to the merger. Of this majority, 59% believe that the price of ETH will continue to rise before and after the upgrade. On the other hand, less than a quarter (20%) of them expect the Ethereum price to move sideways.
Thirty-three percent of respondents believe that ETH will be above its six-month high of $2,000 in June 2023, but still below its 12-month high of $3,000. (Other) 34% expect Of those surveyed, ETH is expected to be below $2,000, while 33% believe it will be at least $3,100 by June 2023, OKX explained.
#ETH Continue to climb before the next #chabela Upgrade, approaching $2K region – Daily Price Update 4.5.23 pic.twitter.com/tpkKnuahw4
– Bitcoin News (BTCTN) April 5, 2023
Crypto reps preparing for ‘Chabella’
According to OKX, a total of $17.9 million has been deposited in Ethereum as of April 5, 20223. This comes to over $34 billion in ETH.
Already, digital asset companies have been preparing for opportunities that Chabela’s upgrade could capitalize on. In late March, cryptocurrency exchange Bybit launched a new “improved” Web3 Staking Pool to give its users access to “uncomplicated ETH staking options.”
In addition, ConsenSys, an Ethereum software and decentralized protocol company, launched the first institutional cryptocurrency pool marketplace. The software company believes that the Shapella upgrade can help boost institutional participation in the ETH Staking..