Storia crypto
2023: Shapella enables staking withdrawals
A later upgrade supplied an exit mechanism that the Merge had not yet introduced.
Gli articoli di ricerca e le schede sono pubblicati in inglese. La navigazione è disponibile in sette lingue.
Two layers upgraded together
Shapella combined Shanghai on Ethereum's execution layer and Capella on its consensus layer. Activated on 12 April 2023, it enabled withdrawals associated with proof-of-stake validator balances. It was a distinct upgrade after the September 2022 Merge.
The sequence matters to holders of staking products. A protocol withdrawal mechanism, an operator's ability to initiate an exit and a liquid-staking token's secondary-market price are different things. A token that trades immediately may represent an underlying position whose redemption follows queues and product-specific conditions.
Liquidity is a claim with a route
An exit should be understood from request through settlement: who can initiate it, what queue applies, which address receives funds and what fees or losses can occur. The existence of a tradable receipt does not force its market price to equal the eventual underlying redemption value at every moment.
This history connects liquid-staking receipts, key control and collateral reuse. A market panic can move a receipt's price before the base staking system has failed. Analysis has to identify the layer experiencing the pressure.