At the close of 2022, the crypto scene was dominated by its biggest adversity so far during its muti-trillion dollar journey.
After the now infamous FTX crash, it’s predicted that, just like the DotCom Bubble, regulations and competition could fix the market.
And despite this bear market and the fall of FTX, the crypto industry is still attempting to rebound. And with the help of new technologies like the ETH’s 99%-less-energy-consuming-blockchain-algorithm and the potential of regulations…coming out of this crisis looks more and more possible while at the same time strengthening the market for the long term future.
With all that in mind, it is therefore notable that, despite huge price drops across all main and altcoins — Bitcoin to XRP to memecoins — a silver lining remains for ETH.
Since the Christmas holiday season and into early 2023, the Ethereum ecosystem is showing the fastest pace of recovery and price rebounding, with the Ethereum ecosystem being a clear value leader.
According to a report by blockchain data analytics firm Nansen, Ethereum liquid staking platforms have seen a significant growth in price in a recent couple of weeks.
Liquid Staking Protocols Spike as Staked ETH Hits ATH.
Per the report, this surge is largely due to the upcoming Shanghai upgrade on the Ethereum network scheduled to go live in March. The highly-anticipated upgrade will enable investors to withdraw their assets currently locked in various staking protocols while significantly reducing the risks involved in staking ETH.
Just as the Merge that happened last year built up bullish momentum in the weeks leading up to the event, the Shanghai upgrade is currently driving massive hype within the crypto market.
According to Nansen, the governance tokens of several liquid staking protocols have jumped over the past week as hype builds up.
We’re keeping an eye on this one, for sure!