Ethereum developers plan to release a public testnet for the Shanghai upgrade, which will include code allowing the withdrawal of Ether staked on the Beacon Chain from December 2020 until the end of February.
one in Call On January 5, Ethereum developers chose March 2023 as a tentative target for the Shanghai hard fork. And to make sure they meet this date, the developers plan to release a public testnet for the Shanghai upgrade by the end of February.
During the call, the developers noted that the upgrade will focus specifically on ETH withdrawals. He also scrapped a set of Ethereum Improvement Proposals (EIPs) dubbed the EVM Object Format (EOF), plans to incorporate the proposed improvements into Blockchain’s EVM programming environment, due to concerns it could delay Shanghai.
Ethereum mastermind Vitalik Buterin also expressed concern about the effects of rushing to implement EOF. he said:
“In EVMs, it is very difficult to remove things as compared to removing other features. If we are going to have a new EVM version, then that new EVM version should be designed with the idea of being very forward compatible for all the kinds of upgrades that we want to do in the future.
Galaxy Research Associate Christine Kim, who was on the call, Told In a blog post that the current developer testnet for Shanghai, which launched just before Christmas, has already made progress block 4,000, In addition, all execution layer (EL) and consensus layer (CL) client assemblies are currently running on this testnet.
The upgrade has generated excitement among many in the Ethereum community. As the upgrade will enable withdrawals from Ethereum staking contracts, it will significantly reduce the risk of staking ETH and is expected to persuade more users to stake their tokens.
According to data from Staking Rewards, Ethereum currently has All time low Staking ratio with only 13.79% of all ETH tokens. In comparison, other proof-of-stake (PoS) blockchains have significantly higher staking rates, with Cosmos Hub at 62.5%, Cardano at 71.8%, and Solana at 71.4%.
A major impact of the upcoming Shanghai upgrade will be on Liquid staking protocols such as Lido and Rocket Pool, which allow users to engage in ETH staking without running a validator node. In other words, users with less than 32 ETH can engage in staking using these platforms.
Therefore, native tokens of these protocols can see boost as an upgrade approach. LDO, Lido’s native token, is currently trading at $1.88, up 17.5% over the past day. Rocket Pool’s RPL has increased by almost 15% in the last 24 hours.
Bitcoin Crypto Related Post