The developers will now carry out the Shanghai update on the Goerli testnet in the coming weeks. This will be the last dress rehearsal before rolling out the update to the Ethereum mainnet.
As the Ethereum Shanghai upgrade approaches, Ethereum developers are seeing successful results by conducting a trial on the Ethereum testnet. Sepolia. According to the details, Sepolia successfully replicated the Ether (ETH) withdrawals staked today.
Sepolia as Ethereum Shanghai Hardfork essay
The update went live earlier today in epoch 56832 at 4:04 UTC and ended at 4:17 UTC (11:17 pm ET). Also, the Shapella update, which represents the combination of the Shanghai and Capella forks, has been successfully deployed to the testnet.
Shanghai is the name of the hard fork on the client side of the execution layer. Similarly, Capella is the name of the update that takes place on the client side of the consensus layer. One of the major changes with the update is that it allows validators to withdraw their staked ETH (stETH) from the Beacon Chain to the execution layer. This is the first time that Ethereum will unlock user withdrawals since it began gambling in 2020.
Each validator has staked a minimum of 32 ETH according to the threshold set by Ethereum. Therefore, they can now withdraw 32 or more ETH. Users can choose to withdraw the stake return and continue validation with 32 ETH, or withdraw completely by removing 32 ETH plus rewards and stop validating.
Upcoming tests on Goerli Testnet
Before the Shanghai update goes live on the Ethereum mainnet, developers need to test the similar success of the implementation on the Goerli testnet. The test in Sepolia has been designed to provide developers with another recall rehearsal. This gives them the idea of exactly what they need to replicate on the Ethereum mainnet.
Testnets copy the main blockchain, which in this case is Ethereum. It allows developers to test any changes to their applications in a low-risk environment. Sepolia is the second of three testnets to run such a simulation. The recent update took place on a closed testnet, unlike the previous one that happened earlier this month in Zhejiang. In terms of the number of validators participating in it, Sepolia is the smallest of the three testnets.
In the next few weeks, the final test update will be done on the Goerli testnet, which will be much more important. This would be the last dress rehearsal before rolling out the Shanghai update to the Ethereum mainnet.
Ethereum (ETH) is currently hovering around the $1,630 level with a market capitalization of just under $200 billion. Some market analysts are skeptical that the unlocking of Ether (ETH) could put more pressure on the ETH price.
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Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads thrillers and sometimes explores his culinary skills.
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