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The price of Ethereum’s native coin, ether, is up roughly 10% over the past 24 hours and is trading above $2100 on various crypto exchanges.

At the same time, the total amount of ether (including rewards) that has been confirmed to withdraw — meaning its status changed to 0x01 — has surpassed $2 billion. As of 1 a.m. EDT, 1.07 million ETH, worth $2.27 billion, is pending withdrawal, per data tracking application tokens.unlock.

Over the next 11 hours, an estimated 53,050 ether, totalling $111.81 million, is slated to be withdrawn — creating an average of $223.54 million ETH withdrawn daily.

Ethereum staking withdrawals vs. deposits

17.39 million ether (excluding earned rewards) remains deposited — worth $36.54 billion. This deposited ETH accounts for 15.42% of the total supply.

The net staking balance yesterday — calculated by subtracting the total amount of ether withdrawn from the total amount of Ether deposited — is actually positive. Partial withdrawals amount to 14,300 and deposits amount to 18,370. This means that some 4,070 more ETH was deposited than withdrawn.

The net staking balance since the Shapella hard fork went live is nearly -140,000. Withdrawn ether amounts to 247,820, while deposited ETH is less than half of the withdrawn amount at 107,790 coins.

What is Shapella?

Ethereum’s Shapella upgrade — the first major change since last year’s Merge transitioned the protocol to a proof-of-stake consensus mechanism — went live just before 6:30 p.m. EDT on April 12 at block height 6209536.

The Shapella hard fork implemented Ethereum Improvement Proposal 4895 — effectively allowing users and validators to withdraw their staked ether.

Secondarily, the Shapella upgrade also optimizes Ethereum gas fees on certain transactions.

Updated with an additional price chart.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The non-binding poll seeks to do a temperature check of sentiment toward launching yETH.

The protocol’s service providers have let go of two front-end engineers as they focus on overhauling the platform’s brand.

Bitcoin has also continued its more moderately-paced momentum, inching toward $31K. ALSO: CoinDesk columnist considers Shapella’s immediate and potential long-term impact.

MonkeDAO, a decentralized autonomous organization formed by fans of Solana Monkey Business, will purchase all intellectual property rights to the collection from its current owner HadesDAO.

HashKey has also expanded its OTC service by expanding its liquidity coverage and its range of tokens in the spot market.

Holders of the former governance token have 90 days to exchange their ROOK for USDC.

ETH’s share of the total crypto market capitalization rose to a one-month high, according to TradingView data.

Securities and Exchange Commission Chair Gary Gensler is being threatened with a subpoena if the regulator doesn’t provide information related to charges brought against Sam Bankman-Fried.

House Financial Services Committee Chair Patrick McHenry and Bill Huizenga, the head of that committee’s oversight panel, want the staff memo recommending charges for Bankman-Fried as well as other information related to the charges filed by the agency against the failed crypto mogul, who has also been criminally-charged by U.S. prosecutors.

The Republicans first sent an inquiry on Feb. 10 asking for more details on the the lead up to Bankman-Fried’s civil charges by the SEC and argue they’ve been stonewalled since then. If the SEC does not provide information ahead of Gensler’s scheduled appearance before their committee next week they say they will consider a “compulsory process” to secure it, likely through a subpoena to the agency. 

The congressional probe relates to the timing of Bankman-Fried’s arrest, which occurred the night before he had agreed to testify before the House committee alongside caretaker FTX CEO John Ray III in December. Both Democrats and Republicans on the committee voiced frustration at the time over losing a chance to grill Bankman-Fried, particularly after the high-profile negotiation to secure his appearance before the committee, which does not have the ability to compel nongovernmental witnesses to testify. 

The Republicans claim that the SEC Chair and his staff have failed to produce the information they’ve requested, which includes all communications in the SEC’s Enforcement Division related to Bankman-Fried from the time of the FTX collapse to his indictment, as well as records related to communications between the agency and the Justice Department related to their coordination on civil and criminal charges filed against Bankman-Fried. 

The latest letter from McHenry and Huizenga, sent Thursday, details a briefing by SEC staff and 232 pages of publicly available documents that the Financial Services Committee members say lacked the details they want. The congressional Republicans continue to push for the memo recommending civil charges against Bankman-Fried, which could also provide more details on the timing of that complaint as well as the criminal charges brought against the FTX and Alameda Research owner.

McHenry and Huizenga have set a new deadline for the SEC to provide its charging recommendation memo by 5 pm ET on Monday, April 17, the evening before SEC Chair Gary Gensler will testify before the House committee that the Republicans sit on. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

EOS is becoming interoperable with Ethereum.

After more than a year of development, the EOS Network Foundation is launching the beta version of the EOS EVM Virtual Machine — an emulation of the Ethereum Virtual Machine — on its mainnet. It will be deployed today as a smart contract.

The beta launch followed a testnet rollout late last month.

Why connect Ethereum to EOS?

While EOS uses the C++ programming language, the EOS EVM runs decentralized applications written in Ethereum’s programming language, Solidity.

Because Solidity is used by most web3 developers and supported by open-source code libraries and tools, the interoperability opens up more opportunities to attract developers skilled in the programming language. Meanwhile, Ethereum developers may leverage EOS’ performance and throughput.

“Our goal is to create an interoperable future where the gaps between blockchains, developers and end users are bridged,” Yves La Rose, founder and CEO of the EOS Network Foundation, said.

“With EOS EVM, it is now significantly easier for Ethereum developers and end users to take advantage of the low fees, ulta-fast speeds, and reliability of the EOS Network. EOS EVM is a significant milestone and represents our commitment to a multi-chain future,” they added.

EOS EVM Virtual Machine aims to be the industry’s most performant and compatible EVM — predicting one-second block intervals, low fees and more than 800 swaps per second.

It has some support. EOS Network Ventures recently announced a public commitment of $20 million to invest in GameFi and EOS EVM projects.

Ethereum ‘is where the action is’

EOS has also worked for so long to incorporate Ethereum interoperability because — for all intents and purposes — it had to.

EOS has struggled to gain traction after its hyped launch, and development activity has failed to excite — or attract fresh talent. In January, the EOS Network Foundation wrote that most developers who left the EOS ecosystem did so because Ethereum “is where the action is.” 

“That’s why work involving the Ethereum Virtual Machine is so important,” it explained, writing: “EVM compatibility is essential to the potential of EOS, not just technically but also from a business perspective. Ultimately, it is essential that we welcome more Solidity developers and users to EOS.”

The project’s key architect, Dan Larimer, moved on from the project in January 2021, and the community had to wrestle back control from the official development team, Block.One, in an attempt to revive it.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.