The core development team of the Ethereum Foundation has confirmed that the Shanghai upgrade will be carried out at network block height 6209536, specifically at 22:27:35 UTC on the evening of April 12.

·17.7 million Ethereum will be unlocked

What makes it so compelling is that it will open up withdrawals for Ethereum staking users, which also means that funds locked up by early staking users of the Ethereum PoS beacon chain from December 2020 may flow to the market.

According to data from Dune Analytics, the number of Ethereum coins currently pledged on the beacon chain has exceeded 17.7 million, accounting for 14.75% of the overall Ethereum supply. The converted market value is close to US$30 billion.