Ethereum Liquid Staking Governance Tokens Fall Ahead of Shapella Upgrade

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Last Updated on April 12, 2023 by Bitfinsider

The values of main governance tokens for Ethereum liquid staking protocols have plummeted ahead of today’s network update.

According to CoinGecko, the three largest governance tokens for liquid staking protocols have declined between 4.6% and 9% in the previous 24 hours, extending losses of 7% to 13.7% over the last week. These are the coins lido DAO, rocket pool, and frax share.

These losses are more than those of ether, which has dropped only 2.4% of its value in the previous 24 hours and 2% in the last week.

People may use liquid staking protocols to stake their ether and earn a derivative token that represents the locked cryptocurrency. This derivative may be utilized across many cryptocurrency marketplaces, thereby making the locked coins liquid. Governance tokens are often related with protocol success since they are used to oversee how protocols evolve.

The Shapella upgrade — a combination of the names Shanghai and Shapella — will occur at epoch 620,9536, which is scheduled for 6:27 p.m. EDT on April 12. It will allow ether stakers to withdraw their money and unstake their ether.

How to Buy or Trade ETH on Scallop Exchange

You can buy or trade ETH on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade ETH as a spot pair (ETH/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade ETH/USDT at Scallop Spot

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