According to Decrypt, analysts at JPMorgan Chase said that the upgrade of Ethereum Shanghai may lead to a surge in Coinbase’s pledge revenue, creating a new pledge era for Coinbase.

Before the Shanghai upgrade, “holders locked their ether indefinitely, which we believe has historically been a major hindrance to investing in ETH,” the analyst said. JPMorgan estimates that after the Shanghai fork, 95% of retail investors on Coinbase will be able to participate in ethereum staking, which will allow Coinbase to generate between $225 million and $545 million in annual revenue.