Ethereum's Shanghai Upgrade Propels it to 11-Month Highs, Surpasses $2.1K Alongside Bitcoin and Dogecoin.
Ethereum's price surged 7% to an 11-month high of $2,123.35 following the successful completion of the Shanghai hard fork, which allows for the withdrawal of staked funds and staking on the Ethereum mainnet. The upgrade has also boosted confidence in staking-as-a-service offerings for financial institutions. Liquid staking platforms such as Rocket Pool, Lido DAO, and Frax Shares have seen significant price increases, enabling Ethereum holders to stake their ETH and receive a liquid staking token in return for generating additional yield within the DeFi ecosystem.