💎 Shapella upgrade enables withdrawals — will it spark a liquid staking gold rush?
Shapella is now live on Ethereum, and around 3% of staked ETH has been withdrawn at the time of writing.
As recently outlined in the Swell blog, we expect this upgrade to spark a dynamic shift in the Ethereum staking landscape, and ultimately create a healthier and more balanced market, in which a diverse range of providers each control a small portion of staked ETH and compete to provide the best experience.
This critical phase is expected to last for one week, and will see the protocol tested on mainnet with certain limits around users and deposits.
Once the team has ensured that everything is humming along nicely, we will then be able to confidently invite everyone to stake on a fully open and permissionless Swell!
🧪 Fiat onramp now on testnet
On the Swell testnet, you can now find a small wallet symbol in the top right corner of the app.
Clicking on this will uncover something unique to Swell as a liquid staking protocol: a fiat on ramp!
This functionality will make the liquid staking journey as smooth as possible, enabling you to purchase ETH, stake it, and then compound your yield in DeFi — all from one single dApp. Testing of the onramp is not required or incentivized. But if you want to investigate, you can do so with a set of test credentials.
Definitely don't think it will be winner take all. There will be multiple winners in liquid staking with differing economic models, focused on different ecosystems, and catering to differing user preferences.