Ethereum is racing towards its long-awaited Shanghai upgrade, and the latest evidence suggests it is on the right track. In a test run on the Sepolia testnet, the network successfully replicated Ether Stake (ETH) withdrawals, a key element in the transition to a fully functional proof-of-stake system.
Ethereum enthusiasts and developers took to Twitter to announce that the Shapella network is now live and finalized on the Sepolia testnet. Named Shapella after the upcoming Shanghai and Capella hard forks, the update will allow validators to withdraw rewards earned by adding or approving blocks on the blockchain.
These tests on testnets allow developers to test changes to their applications without taking real-world gambles. Sepolia is the second of three testnets to run through the simulation, and unlike the previous test, it was closed, with only core Ethereum developers running validators on this testnet.
The next update will be on the Goerli testnet, followed by the mainnet, and finally the Shanghai update will finish.
If the three-week test upgrade cycle continues, the next testnet upgrade in Goerli is expected to happen around March 21. This would likely push the Shanghai mainnet upgrade to April, slightly behind the initial March target noted by Ethereum developers.
Meanwhile, the Ethereum Foundation has announced that the Goerli testnet will be shut down following the Shanghai update. It will be followed by the Holli or Holesovice testnet, which is scheduled to launch in September this year.
Ethereum Price After Shanghai Update on Sepolia Testnet
The successful activation of Sepolia Shapella by the Ethereum Foundation developers has sparked renewed interest in Ethereum, as trading volume increased 15% in the last 24 hours, with Ethereum trading at $1,622, above the $1,622 level. $1600.
However, Ethereum price action has slowed due to fears of aggressive rhetoric from the US Federal Reserve, and the broader crypto market is also under pressure. The broader cryptocurrency market has also been under pressure, but is expected to pick up next month.
