OKX Survey: 83% of Community Expects More ETH Staking Around Shanghai-Capella Upgrade, 63% See New Record High by End of 2023

VICTORIA, Seychelles, April 7, 2023 — OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today released the findings of a survey on the perceived market impact of the two-part Shanghai-Capella (a.k.a. Shapella) upgrade, which is slated for April 12 and will enable withdrawals of staked ether (ETH).

Key findings include:

  • 83% of those surveyed expect that more ETH will be staked in the next three months
  • 63% of respondents predict that ETH will hit a new record high of over USD5,000 by the end of 2023
  • 79% of those surveyed expect ETH’s price to react differently to Shapella than the Merge(1):
    • 59% think it will keep increasing before and after the upgrade
    • 20% believe ETH will move sideways
  • 33% of respondents think ETH will be over its current six-month high of USD2,000 in June 2023, but still below its 12-month high of USD3,000
  • 34% of those surveyed predict ETH at below $2,000, while 33% believe it will be at least $3,100 by June 2023

17.9 million ETH was staked as of April 5, 2023(2). This was equivalent to over USD34 billion(3). The APR investors earn on staked ETH is currently 4.65%(4), a figure that decreases as the pool of staked ETH increases.

OKX will begin processing withdrawal requests for staked ether within one week of Shapella going live, following the company’s completion of on-chain code audits to ensure customer safety.

The survey was conducted by OKX from March 1-5, 2023 with 700 ETH traders, investors, and network developers at the ETH Denver conference.

  1. ETH declined in price immediately before and after the Merge in September 2022
  3. According to Coinmarketcap data for April 5, 2023
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