Kraken Leads Ether Unstaking Parade, Makes up 62% of Exit Queue

[Coinpedia Fintech News]

As part of a deal with the Securities and Exchange Commission, cryptocurrency exchange Kraken agreed in February to discontinue its U.S. cryptocurrency staking business.

The unstaking procedure can now start for people who have staked their ether after Ethereum's Shanghai upgrade went live on Thursday, Asia time.

Kraken leads all validators migrating to unstake, according to on-chain data monitored by Rated Network Explorer, with 62% of the exit queue breakdown.

At the time of publication, Parsec Finance reported that there were more than 15,000 validators in the exit line.

Given the legal troubles it has had with the Securities and Exchange Commission, Kraken's dominance of the unstaking line is somewhat predictable.

Kraken ultimately reached a $30 million settlement with the SEC.
Overall, it appears that the Shanghai upgrade had just a minor impact on the Ethereum network and its namesake cryptocurrency.