Crypto history
2023: Shapella enables staking withdrawals
A later upgrade supplied an exit mechanism that the Merge had not yet introduced.
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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.