test network launch for Shanghai in February

Source: AdobeStock / Sergey Nivens

Ethereum developers plan to go live by the end of February with a public testnet for the Shanghai upgrade, which will include code to withdraw ETH tokens that have been placed on the Beacon chain since December. 2020.

During a meeting on January 5, Ethereum developers chose March 2023 as the tentative target for the Shanghai hard fork. To make sure they meet this date, the developers plan to release a public test network for the upgrade.

The developers noted that the upgrade will focus exclusively on ETH withdrawals. They pulled back from integrating a set of Ethereum Improvement Proposals (EIPs), called the EVM Object Format (EOF), which aimed to optimize the blockchain’s EVM programming environment, as they feared it would delay deployment from Shanghai.

Vitalik Buterin also expressed concern about the risks that the implementation of the EOF may face. He declared:

“In EVM, it’s much harder to remove some elements than it is to remove other features. If we want to create a new version of EVM, it should be designed with the idea of ​​being compatible with any updates we want to make. in the future.”

Christine Kimresearch associate at galaxy who was present at the meeting, stated in a blog post that the current developer test network for Shanghai, which launched just before Christmas, has already progressed to the 4000 block. Additionally, all combinations of execution layer (EL) and consensus layer (CL) clients are currently running on this test network.

The upgrade excited many members of the Ethereum community. As it will allow withdrawals from share contracts, it will significantly reduce the risk associated with this operation, which should convince more users to stake their tokens.

According to data from Staking Rewards, Ethereum currently has more low score ratio with only 13.79% of all ETH tokens in circulation. In comparison, other Proof-of-Stake (PoS) chains have a much higher stake rate, with Cosmos Hub at 62.5%, Cardano at 71.8%, and Solana at 71.4%.

Shanghai will have a major impact on liquid staking protocols such as Lido and Rocket Pool, which allow users to participate in staking without running a validating node. In other words, users with less than 32 ETH can engage in shares using these platforms.

Therefore, the native tokens of these protocols may register a significant increase as the upgrade approaches. LDO, native sign of Lido, is currently trading at $1.88, up 17.5% over the past day. Rocket Pool’s RPL has increased by about 15% in the last 24 hours.

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