Ethereum developers plan to go live by the end of February with a public testnet for the Shanghai update, which will include code to withdraw ETH tokens that have been staking on the Beacon chain since December 2020.
At a meeting on Jan. 5, Ethereum developers chose March 2023 as the interim target for the Shanghai hard fork. To ensure we meet this date, the developers plan to release a public testnet for the update.
The developers have noted that the update will focus solely on ETH withdrawals. They pulled out of integrating a set of Ethereum improvement proposals (EIP), called EVM Object Format (EOF), that aimed to streamline the blockchain’s EVM programming environment, as they feared it would delay implementation by Shanghai.
Vitalik Buterin also expresses concern about the risks that the implementation of the EOF could face. He stated:
“In the EVM, it is much more difficult to remove some elements than to remove other features. If we want to create a new version of the EVM, it must be designed with the idea of being compatible with all the updates we want to make in the future.”
Christine Kimresearch associate at galaxy who was present at the meeting, said in a blog post that the current developer test network for Shanghai, which launched just before Christmas, has already reached the 4000 block mark. The Execution Layer (EL) clients and Consensus Layer (CL) are currently running on this test network.
The update has excited many members of the Ethereum community. Since it will allow withdrawals from staking contracts, it will significantly reduce the risk associated with this operation, which should convince more users to place their own tokens.
According to data from Staking Rewards, Ethereum currently has the lowest staking ratio at just 13.79% of all ETH tokens in circulation. In comparison, other Proof-of-Stake (PoS) blockchains have a much higher staking 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 staking using these platforms.
Therefore, the native tokens of these protocols could see a substantial increase as the upgrade approaches. LDO, the native token of Lido, is currently trading at $1.88, up 17.5% over the past day. Rocket Pool’s RPL is up about 15% in the last 24 hours.
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