Ethereum developers successfully test Shanghai hard fork on Goerli testnet
The final test for the Shanghai hard fork on the Goerli testnet has gone smoothly, promising to bring the ability to withdraw ETH staking to the Ethereum mainnet in mid-April.
On March 15th, Ethereum developers announced that they have successfully implemented the Shanghai hard fork on the Goerli testnet, testing the ability to withdraw ETH staking. This opens up the possibility of Shanghai being officially released on the Ethereum mainnet in mid-April.
Deposits are being processed (https://t.co/CxYtPcGMCp), but it seems like several validators haven’t upgraded. Looking into it 👀
One challenge with testnet validators is that given the ETH is worthless, there’s less incentive to run a validator/monitor it.
— timbeiko.eth (@TimBeiko) March 14, 2023
However, the percentage of validators participating in the Goerli test was only 29%, causing the verification time for the upgrade to take longer than expected. Developer Ben Edgington commented that the reason for the low validator participation rate was that they were not prepared enough for the node for the fork.
As reported by AZCoin News, the Shanghai upgrade, also known as Shapella, is the next important Ethereum network-wide hard fork after The Merge in September 2022. Shanghai will bring a significant adjustment to the world’s second-largest cryptocurrency network by unlocking over 17.5 million ETH currently locked in staking contracts. Shanghai has previously been successfully tested on its own testnet and the Sepolia testnet. In early March, the Ethereum development team expected the hard fork to unlock ETH staking to be present on the Ethereum mainnet in mid-April, but they have not announced a specific timeline.
Currently, the Ethereum network has burned more than 3 million ETH (3,001,033) since EIP-1559, worth more than 9.09 billion U.S. dollars. Ethereum’s supply has decreased by 64,288 ETH since the merge, and the current annualized deflation rate is 0.42%. This decrease in supply, coupled with the promising upgrades and successful tests, has boosted the price of ETH to its highest level since The Merge on March 14th, thanks to the strong cryptocurrency market recovery after last week’s bad news.
The successful test of the Shanghai hard fork on the Goerli testnet is an important step towards unlocking the millions of ETH currently locked in staking contracts on the Ethereum network. The upgrade promises to bring significant changes to the network, and its successful implementation on the mainnet in mid-April could further boost the price of ETH.
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