The software that underpins the second-biggest crypto coin ether is that will give investors access to more than US$30 billion of the digital tokens.
Known as Shapella, the latest upgrade to the Ethereum blockchain will enable investors to redeem an offshoot of ether tokens that they have deposited in return for interest on the blockchain network over the past three years.
Such so-called "staked ether" tokens currently account for about 15 per cent of all ether tokens, according to data firm Dune Analytics, and are worth some US$31 billion.
The upgrade is due for around 5.30 p.m. ET (10.30 p.m. GMT) , according to a tweet by Tim Beiko of the Ethereum Foundation, a body that speaks for the Ethereum network.
The changes will likely lead to heightened volatility for ether, investors have predicted.
Some believe that widespread redemptions could lead to a wave of selling, in turn weighing on the price of ether, whose market value of about US$230 billion is topped only by bitcoin.
"The release of this previously unrealised investment may lead to significant downward price pressure if it is immediately liquidated," Deutsche Bank analysts said in a note.
In its last significant upgrade, Ethereum in September drastically reduced its energy usage - a move proponents said would give Ethereum an advantage as it seeks to surpass bitcoin.
But ether has continued to lag its larger rival, gaining just under 60 per cent this year versus a more than 80 per cent jump for bitcoin.
After trillions of dollars were wiped from the crypto market in a bruising 2022, the sector has rallied in 2023 on expectations that central bank interest rate hikes are slowing.
Ethereum has grown popular in so-called decentralised finance applications, which offer financial services while avoiding traditional industry gatekeepers such as banks.
It remains, however, little used in mainstream commerce or finance.
(Reporting by Tom Wilson in London; editing by Jason Neely)
Hezbollah hurled dozens of projectiles into Israel early Wednesday, including a missile aimed at Tel Aviv that was the militant group's deepest strike yet and marked a further escalation after Israeli strikes on Lebanon killed hundreds of people.
More Canadians are installing solar panels on their homes, but some are facing challenges when it comes to getting home insurance after the panels are put in.
The federal government has 'no intention' of pausing the next planned increase to the carbon price, Environment Minister Steven Guilbeault confirms.
The leader of a nonprofit representing the Haitian community invoked a private-citizen right to file charges Tuesday against former U.S. president Donald Trump and his running mate, JD Vance, over the chaos and threats experienced by Springfield, Ohio, since Trump first spread false claims about legal immigrants there during a presidential debate.
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A city councillor in British Columbia says an online mob of "extremists" and "politically motivated hackers" is responsible for uncovering and publicizing a photo of him wearing a blackface costume to a Halloween party in 2007.
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An image of the unidentified object shot down over Canada's Yukon territory in February 2023 has been obtained by CTVNews.ca.
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Donald Trump flubbed the name of Charlottesville, Virginia, while going off script during a speech on Tuesday otherwise focused on economic policy, slamming U.S. Vice President Kamala Harris for lying about 'Charlottestown.'
A Missouri man convicted of breaking into a woman’s home and repeatedly stabbing her was executed Tuesday over the objections of the victim’s family and the prosecutor, who wanted the death sentence commuted to life in prison.
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A man who authorities say staked out Donald Trump for 12 hours on his golf course in Florida and wrote of his desire to kill him was indicted Tuesday on an attempted assassination charge.
Prime Minister Justin Trudeau is back in Ottawa Wednesday as members of Parliament get set for a vote that could -- but likely won't -- bring down his minority government.
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U.S. President Joe Biden reflected on the motivation behind his decision to step away from politics and sent a message of unity to global leaders gathered at a time of increasing division and geopolitical instability.
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Based on exclusive new polling data collected by Â鶹´«Ã½ in partnership with Insightrix Research, the majority of Saskatchewan residents say they’re ready for change, but most don’t see that change happening in 2024.
Saskatchewan’s Serious Incident Response Team (SIRT) has been deployed following a fatal officer-involved shooting on Fishing Lake First Nation.
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A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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