“Ethereum’s Shanghai Upgrade Paves the Way for ETH Withdrawals and Potential Revenue Boost for Coinbase”

03/03/2023 00:03 • Metaverse Matters • 137 views

It is reported that the developers of Ethereum confirmed in the conference call held on Thursday (March 2) that the “Shanghai” upgrade will be carried out in the first two weeks of April this year, and this upgrade will allow users to withdraw the pledged ETH. According to the data of Dune Analytics, at present, the ETH pledged by Lido, Coinbase, Karken and Coin has accounted for 56% of the total pledged amount. JPMorgan analysts believe that the upgrading of “Shanghai” will bring “a new era” to the troubled Coinbase. The ETH pledge is expected to bring $225 million to $545 million in revenue for Coinbase every year. （decrypt）

Core developers of Ethereum confirmed that the “Shanghai” upgrade will be carried out in the first two weeks of April, or will bring about US $500 million in revenue to Coinbase

Interpret the above information:

The developers of Ethereum confirmed in a conference call held on March 2nd, that the highly-anticipated “Shanghai” upgrade will be implemented in the first two weeks of April this year. This significant upgrade comes with several new features, including the ability for users to withdraw the pledged ETH, which has been a long-awaited request.

At present, the combined ETH pledged by Coinbase, Lido, Kraken, and Coin has taken up a considerable 56% of the total pledged amount, according to Dune Analytics data. This means that the upcoming upgrade will provide broader access to pledged ETH and enable more individuals to withdraw their pledged assets.

Furthermore, JPMorgan analysts predict that the “Shanghai” upgrade will bring a new era for the struggling Coinbase exchange. The added functionality will provide an opportunity for Coinbase to gain an additional revenue stream, which is expected to generate between $225 million to $545 million annually, mainly from its staking service, Coinbase Earn.

In summary, the imminent release of the “Shanghai” upgrade holds significant advantages for the Ethereum network and its users. With the ability to withdraw pledged ETH, the network will be more accessible for all users. Additionally, this development could potentially be a game-changer for Coinbase, a company that has struggled in recent months. If the JPMorgan analysis is correct, this could mark the start of a new era for Coinbase, with increased revenue and a more substantial presence in the cryptocurrency market.

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