An exciting advancement was recently unveiled concerning Ethereum. In addition to the expected Shanghai and Capella upgrades coming in March, this new development is something you don’t want to miss.
This Testnet Is Seen As A Preparation For The Shanghai Update Of Ether
On February 1st, an Ethereum developer known as Barbabas Busa on Twitter announced the launch of the Zhejiang public testnet to allow users to evaluate the withdrawal process and network functionality after the Shanghai upgrade. The trial period will begin on February 7th, when both Shanghai and Capella testnets go live, allowing for withdrawals.
The Zhejiang testnet allows users to practice risk-free validator deposits, BLS switches, and user interface navigation. As the launchpad documentation states, the testnet will reproduce a post-merge chain, creating its beginning in a merged condition.
Shanghai Update Might Increase Interest in Ethereum
The upcoming Shanghai upgrade is one of the most exciting events for Ethereum and crypto fans, as it will make withdrawing staked ETH easier. With this update, users can start to release ETH that has been held on the Beacon Chain for over 26 months in stages!
Proponents believe that the Shanghai upgrade could significantly bolster Ethereum staking. This is especially true for liquid staking platforms like Lido, which offer more yield prospects than their direct counterparts. Additionally, with this update comes a two-step process for withdrawing Ether: an exit queue and then a withdrawal period. The release of ETH would occur in batches after these steps have been completed.
So, What Is the Latest Situation in ETH?
Currently, 16.3 million ETH is locked on the Beacon Chain (Ethereum POS chain), which makes up 13.5% of Ethereum’s circulating supply and has an approximate value of $25.9 billion at current prices. Ethereum has seen a drastic surge, rocketing over 6.22% in the past 24 hours and trading at an all-time high of $1,660. This monumental feat solidifies Ethereum’s spot as the second-most prominent crypto asset with an impressive market cap of $204 billion.
The Merge on Ethereum has recently created a swell of interest, and with the impending Shanghai update, it seems like this will only further propel Ethereum’s ascent. We are eager to witness where the situation will go in the days ahead!
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