Layer by Layer: State of the Ethereum Ecosystem After Shapella

The Shapella upgrade on April 12th marked the final bookend of a multi-year journey for the Ethereum network that effectively began with the launch of the beacon chain on December 1st, 2020. Despite the lack of a mechanism to withdraw ETH staked to the beacon chain, deposits grew at a steady pace for nearly 2.5 years. 

With the activation of Shapella, ETH withdrawals became enabled for the first time ever, thrusting the Ethereum ecosystem into a new era as stakeholders braced themselves for the potential impact of billions of dollars worth of ETH being introduced into the circulating supply.