Why didn't the ETH crash according to Shanghai? Interview with Nansen
Why didn't the ETH crash according to Shanghai? Interview with Nansen
The Shapella upgrade in the last month enabled Validators to solve millions of ETH from the Ethereum 2.0 contract, which could possibly be sold on the free market. Nevertheless, the second largest cryptocurrency actually gained value after the upgrade. Where from?
at the Consensus 2023 Cryptopotato consisted of representatives from Nansen, a blockchain analysis company, to discuss what things have looked like in the chain since the last phase of the merger.
Shanghai defies expectations
At the beginning of the upgrades, Nansen Content Lead Lead Andrew Thurman called He had predicted that the net drains from Ethereum's stake contract would be a weekly phenomenon. To his surprise, his company found that the withdrawals were apparently flattened within a few days.
"We knew that companies that were exposed to US regulatory regulations, for example octopuses and coin base, where there were clear signs that staking as a company would be exposed to some regulatory challenges-we know that these people want to dissolve their positions." 400; "So a big overhang," said Jason XU - Senior Product Manager at Nansen - compared to Cryptopotato in an interview.
This turned out to be true to a certain extent. Immediately after Shapella, octopus was solely responsible 67 % of all essential ETH withdrawals from the stake contract. The company was occupied by the Securities and Exchange Commission (SEC) with a fine of $ 30 million and forced to hire its parking service before upgrading. Coinbase-which the SEC published a well, but promised to defend itself in court-was responsible for a further 11 %, but the excessive excess of both companies has been "flattened" since then. According to Nansen, the proportion of octopuses and coin base has changed to 34.9 % or 14.1 % since then Shanghai-dashboard The other hypothesis, so XU, is that there would probably be no greater interest in new retail participants to start staking because they already have access to liquid staking derivatives such as B. had lido long ago. It is expected that such services-the stakers-provide a 1: 1 convertible liquid token for their blocked, stubborn ETH-due to the difficulty for users to set themselves, will continue to be successful in the future. "The ETH consistently implemented its roadmap, the technical roadmap.
With a statement of May 8, over 19.3 million ETH are blocked for dilation-more than before activating Shapella. XU added that many “smart money” investors in Krypto according to Nansen's standards mainly hold “different variants of the pledged ETH”. A lot was said about an alleged influx of payout applications As early as March, shortly after the global crypta exchange from the Commodities and Futures Trading Commission (CFTC) was sued. When asked whether these reports are true, Aurélie Boiteux, manager for ecosystem growth in Nansen, said that these claims may be "a little exaggerated". In reality, both in this special case and many other major stock exchanges, it was only a matter of "sending Binance to another Binance wallet.
"We saw a lot of drama on Twitter," she said, "and people tend to react correctly." fast, maybe only out of fear, for example out of fear and so on. But so far I can't remember a really big regulatory problem in this regard in the chain. ” While the volume on the stock exchange can vary from day to day, Boiteux said that the volume at Binance apparently did not experience any statistically significant changes in the chain In contrast to the FTX debacle in November. Boiteux refused to give concrete price forecasts for the future. "We do not predict the future, but try to understand what happened before, what could be a potential price, what could be a potential bear market or bull market and so on," she said. XU remained optimistic. "My opinion applies to the moon," he said. "This is the politically correct answer that I will give." . ETH director (all times). Nansen
Jason XU (center); Aurélie Boiteux (right)
fud vs. Facts: Binance withdrawals