Ethereum’s Shapella Upgrade and the Future of Institutional Adoption

Today marks a major milestone for the Ethereum ecosystem: the Shapella Upgrade, which will allow for withdrawals of staked ETH. The Shapella Upgrade is a portmanteau of two upgrades happening simultaneously: Shanghai for the execution layer, and Capella for the consensus layer. Now, with the Shapella Upgrade successfully completed, we reflect on what it means for the future of institutional adoption and our institutional client base at Anchorage Digital. The Shapella Upgrade: An OverviewBefore the Shapella Upgrade, staked ETH had been locked, meaning participants could not withdraw it. While the option to fully withdraw staked ETH is a major upgrade, doing so is a dynamic, multistep process.