Ethereum (ETH), with its Upcoming Shapella Upgrade alongside RenQ Finance (RENQ), can Fuel the Next bullrun in 2023
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The cryptocurrency market has been abuzz with excitement over the upcoming upgrades for Ethereum (ETH) and the potential of the newcomer RenQ Finance (RENQ). Following the Shapella upgrade on April 12, many investors believe Ethereum (ETH) is on the verge of a major bull run. At the same time, RenQ Finance (RENQ) has been gaining traction with its unique DeFi platform and strong community support. Together, these two projects could fuel the next major uptick in the crypto market.
The Ethereum (ETH) Shapella Upgrade has been enabled on the Ethereum mainnet, allowing validators to un-stake ETH for Beacon Chain withdrawals. The update went live at epoch 194,048 on April 12 at 10:27 p.m. UTC, releasing about $3.37 billion in Ethereum (ETH), or over 15% of the entire Ethereum (ETH) supply.
Withdrawals have seen the unlocking of approximately 116,334.75 Ethereum (ETH) in 44,621 withdrawals since the hard fork. Of the 546,169 active applications for partial or complete withdrawals, the validator count was 285,423. Surprisingly, the majority of withdrawals ranged from 2.8 to 3.2 ETH. Huobi controls over 30% of the entire withdrawable Ether.
The Shapella Upgrade will be subsequently followed by Verge, which will introduce Verkle trees, boosting the network's scalability. This would enable developers to store a big quantity of data, but users would just need a single or brief proof to have a root of that tree. Using this cryptographic technique, Verkle trees would make efficient data proofs possible.
Many market participants believed releasing the staked Ethereum (ETH) would result in significant sell-offs. However, due
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