Ethereum Set Next Test Of Shanghai Upgrade To End Of February

Test schedule for Shanghai launch

The test schedule for the next upgrade of the crypto asset (virtual currency) Ethereum (ETH) blockchain “Shanghai (Capella)” has been updated.

Finalized no. 38https://t.co/mDEpm7T6QQ

tl;dr below

— dannyryan (@dannyryan) February 10, 2023

Following the successful launch of “Shanghai” on the public testnet “Zhejiang (Zhejiang Province)” on the 8th, we plan to launch Shanghai on each of the two Ethereum public testnets in the future.

According to core developer Tim Beiko, Sepolia is scheduled to be implemented in Shanghai on February 28, and will be deployed on the Goerli testnet by mid-March. The Shanghai implementation on the mainnet is expected to be around the end of March or April, but if any bugs are found in the process, the schedule will be readjusted.

Sepolia Shapella upgrade has been scheduled pic.twitter.com/9FLo7apAe0

— timbeiko.eth (@TimBeiko) February 10, 2023

Staking service providers such as cryptocurrency exchanges and staking pools will be able to test their staking ETH withdrawal capabilities prior to production on these public testnets.

connection:Ethereum Successfully Processes Staking Withdrawals on Testnet

Impact on Ethereum

Staking is a mechanism in which rewards are obtained by depositing a certain amount of virtual currency for a predetermined period of time. By contributing to the operation of the blockchain, you can get rewards as compensation.

The Ethereum blockchain is currently available for staking, but it is not yet possible to withdraw staked Ethereum or rewards. The implementation of this withdrawal function will take place in Shanghai, and Ethereum developers are currently continuing to test it.

According to the official website, the amount of Ethereum currently staked exceeds 16.4 million ETH (about 3.5 trillion yen). There is a view that the implementation of the withdrawal function will cause a certain amount of selling pressure in the short term. It is also expected to stimulate demand for ringing.

According to data provider Staking Rewards, Ethereum has a staking rate of around 14%, lower than competing blockchains such as Solana (SOL) and Avalanche (AVAX), which have over 60%.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, a cryptocurrency index fund management company, said, “If the indefinite lockup is lifted, the proportion of investors seeking ETH staking will explode.” We predict that the staking rate of ETH in circulation will increase by at least 50% by 2020.

Investment bank JP Morgan points out that 95% of Coinbase’s retail investors may participate in Ethereum staking after the Shanghai upgrade, and Coinbase’s annual revenue is now 225 million. It is estimated that it will expand from the dollar (29.5 billion yen) to 545 million dollars (70 billion yen).

connection:How to view the US SEC’s Kraken indictment and consider the impact on Ethereum staking

The post Ethereum Set Next Test Of Shanghai Upgrade To End Of February appeared first on Our Bitcoin News.