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28th February 2023 > > Shanghai and Capella.


The next stage in the upgrade to the Ethereum network is getting close but ignore those who say this will lead to lower prices.

Market Snap

Market Wrap

A very quiet start to the week. BTC was strongly rejected when attempting to reach $24k yesterday afternoon. The holding pattern remains intact.

Occasional Series – The revolution will eat its own children

It has been reported that Greta is campaigning AGAINST a wind farm.

Truly, satire is no longer the sole preserve of comedians.

Curious Cryptos’ Commentary – Bank of England

Oh dear.

We are very lucky that the US is refusing to go down this path of coercion and control.

Curious Cryptos’ Commentary – Ethereum upgrade

The next step in the ongoing development of the Ethereum network – planned for March – involves two upgrades, Shanghai, on the execution layer, and Capella on the consensus layer.

Shanghai is the change that has garnered most interest, as it will allow stakers to unstake, and sell their coins if they so wish.

Less well-informed commentators believe that this will lead to a wall of new sellers, negatively impacting the price. This is not correct. Some stakers have had their coins tied up for eighteen months or so. When they made the decision to stake – with an unknown time frame before they could unstake - you know they classified themselves as diamond hands. I am not sure why anyone believes that this cohort would switch to being weak hands in any meaningful size.

Liquid stakers, such as stETH (staked ETH) on Lido Finance are unaffected in terms of their liquidity by these changes. Interestingly, 150,000 ETH was staked and exchanged for stETH just a few days ago. That’s a quarter of a billion dollars’ worth which it is suspected came from just one user.

Both upgrades have been successfully deployed to the Zheijang test network on February 1st, 2023, and now the Sepolia test network. With just the Goerli test network left, all looks to be on track for a March launch.

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