The much-anticipated Ethereum upgrade is expected to take place in March
The recent rally is similar to the one that took place ahead of the much-anticipated software upgrade known as the Merge in September, which made it possible for the second-largest blockchain to switch to a new consensus algorithm called proof-of-stake.
Henry Elder, the head of decentralized finance at Wave Financial, told Bloomberg that people are anticipating an uptick in adoption following The LDO token, which serves as the governance token of the Lido app, has seen a triple-digit increase since early November when the entire cryptocurrency market experienced a massive crash due to the collapse of the FTX exchange. Lido has now become the number one decentralized-finance application, with more than $8 billion being locked in the protocol.
Roughly a fifth of Ether tokens in circulation will be staked by the end of 2023 once withdrawals get enabled. After Shanghai, withdrawing staked Ether from the Ethereum network may still take a long period of time. While the liquidity of the tokens is likely to improve, there is a risk that they will get stuck.
There is also a risk that speculators who ran up the prices of the governance tokens for liquid-staking apps will sell just on the verge of the implementation of Shanghai.
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