21. February 2024

Shapella Upgrade: Less Than 1% of Staked ETH to be Sold After Fork

• Shapella: Finance Redefined upgrade was successfully completed on April 12, allowing validators to withdraw their staked Ether (ETH) after three years.
• A hacker minted 1 quadrillion Yearn Tether (yUSDT) and swapped the yUSDT to other stablecoins, allowing them to take hold of $11.6 million worth of stablecoins.
• Glassnode predicted that less than 1% of the staked ETH will be withdrawn post-Shapella upgrade.

Shapella: Finance Redefined Upgrade

The Shapella: Finance Redefined upgrade was successfully completed on April 12, allowing validators to withdraw their staked Ether (ETH) after three years. However, only 253 validators have signed up to fully exit their staked Ether position, with analytics firm Glassnode predicting that less than 1% of the staked ETH will be withdrawn.

Privacy Concerns Revealed

An Ethereum researcher has revealed that staking Ether could become a privacy concern, as he had “internally” discovered that staking Ether shows a user’s IP address information. This means that users must be aware of the potential risks associated with publicly displaying their IP address while they are engaging in DeFi activities such as staking ETH or participating in yield farming protocols.

Hacker Exploits Old Yearn Contract

A hacker managed to exploit an old Yearn contract and minted 1 quadrillion Yearn Tether (yUSDT). They then proceeded to swap the yUSDT tokens for other stablecoins on Uniswap, allowing them to take hold of $11.6 million worth of stablecoins before being identified and shut down by Yearn developers. This attack is another reminder for smart contract developers to always double-check their code prior to making it publicly accessible on blockchain networks like Ethereum.

DeFi Financial Inclusion for African Micro-Entrepreneurs

DeFi-based financial inclusion serves to increase liquidity and earning opportunities for African micro-entrepreneurs through Fonbnk’s partnership with Tanda. This partnership provides African micro-entrepreneurs access to global crypto markets and allows them an opportunity for higher returns compared with traditional banking options in Africa.

Top 100 DeFi Tokens Surge Along With Broader Crypto Market

The top 100 DeFi tokens surged along with the broader crypto market as the total value locked peaked at a new yearly high of over $54 billion. Most DeFi tokens traded in green along with the rest of the market thanks to a late surge in prices after Ethereum’s much-awaited upgrade was executed on mainnet last week