After Ethereum was upgraded, cryptocurrency investors are having problems withdrawing money from this blockchain platform. Since April 13, some $1.4 billion worth of Ethereum has been stuck in withdrawal queues, blockchain data firm Nansen said.
Ethereum’s new update, called “Shapella,” is set to unlock over $30 billion worth of Ether that investors have deposited into the platform in exchange for interest.
On May 13, Ethereum crossed the $2,000 mark for the first time since August 2022. After the new update of Ethereum, investors cannot withdraw the amount they have deposited by staking on the blockchain. Ethereum
Ethereum is trying to become a widely used blockchain infrastructure. The delay in withdrawals is a major shortcoming of this platform, the number of transactions it handles is limited
According to Reuters, analyst Martin Lee of the firm Nansen said that the Ethereum blockchain can handle around 1,800 withdrawals or 57,600 exits of Ether value per day – about $115 million in total.
For security reasons, the number of withdrawals is limited. Martin Lee thinks that the most extreme scenario would be when the majority of validators (transaction validators, a new term to call “miners” after the Ethereum upgrade) exit, the Ethereum network will be vulnerable to attackers. bad guy.
The Ethereum network has grown in popularity for forks of the cryptocurrency market like DeFi (decentralized finance) or NFT, but it is yet to be used in mainstream payments, finance, or commerce.
Exchange Binance says users will be able to withdraw Ether from their staking from April 19, and that it could take “15 days to weeks” to process these transactions.
Binance said that due to Ethereum’s processing limitations, the exchange will set a daily Ether redemption quota for each user
Mr. Lee said the backlog could take several weeks to clear, then depending on the average daily “unstaking” amount, it could take hours or days to process. completely rational.
