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Shapella (April 2023)
EIP-4895 withdrawals.
Activation
Shapella combined the Shanghai execution upgrade and Capella consensus upgrade, activating at epoch 194,048 on April 12, 2023. EIP-4895 introduced beacon withdrawals, finally letting validators withdraw staked ETH.
Partial and full withdrawals
Validators with 0x01 withdrawal credentials receive any balance above 32 ETH automatically in a sweep that cycles through all validators. Full exits enter a churn-limited queue; at launch the limit was about 8 validators per epoch, later capped at 8 by EIP-7514.
Predicted sell-off didn't arrive
Many expected heavy selling, yet net staking inflows turned positive within weeks. Exit queues were dominated by Kraken, forced to end US staking by the SEC in February 2023, and by Celsius estate unwinding.
Liquid staking boom
With redemptions possible, stETH's discount to ETH narrowed to near zero, and Lido's share passed 30 percent of staked ETH. Rocket Pool, Frax and Coinbase's cbETH grew too, and total staked ETH rose past 30 million by early 2024.
Other changes
Shanghai also included EIP-3855 PUSH0 and warm coinbase (EIP-3651), small gas savings for contracts and MEV builders.
By the numbers
For Shapella, the reference figures are date of April 12, 2023, eip of 4895, effect of Withdrawals, result of LST growth. The comparison table below lines up metric, value — Activation epoch: 194,048; Date: Apr 12, 2023; Key EIP: EIP-4895 withdrawals; Lido share (2023): ~30%+.
Modeling Shapella with the Unbonding Period Opportunity Cost Calculator
The Unbonding Period Opportunity Cost Calculator takes three inputs — Stake ($), Alt yield (%), Unbonding days. Cost = stake × alt yield × days ÷ 365. With its default inputs (Stake ($) = 10000; Alt yield (%) = 5; Unbonding days = 21) it returns 28.77 $; swap in the figures from Shapella above to reproduce the scenario yourself.
Modeling Shapella with the LST Depeg Arbitrage Yield Calculator
The LST Depeg Arbitrage Yield Calculator takes three inputs — LST discount (%), Days to redeem, Amount ($). Annualized = (1 ÷ (1 − discount))^(365/days) − 1. With its default inputs (LST discount (%) = 1; Days to redeem = 7; Amount ($) = 10000) it returns 68.89 %; swap in the figures from Shapella above to reproduce the scenario yourself.
Data Table
| Metric | Value |
|---|---|
| Activation epoch | 194,048 |
| Date | Apr 12, 2023 |
| Key EIP | EIP-4895 withdrawals |
| Lido share (2023) | ~30%+ |
Frequently Asked Questions
Do partial withdrawals need a transaction?
No; the sweep pays excess balance automatically.
Why the exit queue?
Churn limits restrict how fast validators can leave, protecting security.
Did ETH sell off after Shapella?
No sustained sell-off; net deposits resumed within weeks.
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For educational and informational purposes only. Not financial, investment, tax or legal advice. Figures are approximate and historical; crypto assets are volatile and you may lose capital. Do your own research.