Shapella Upgrade: Ethereum Gears Up for Mainnet Launch After Smooth Test

Mar. 15, 2023
Shapella Upgrade: Ethereum Gears Up for Mainnet Launch After Smooth Test

The successful activation of the Shapella upgrade for Ethereum on the Goerli network now permits the separation of ETH. The promotion is anticipated to be implemented on the mainnet next month. Ethereum developer Tim Beiko has announced that Goerli has undergone a fork in the network’s ongoing upgrade process.

This fork is a crucial step preceding the launch of Ethereum Shapella upgrade on the mainnet, which is expected to introduce several enhancements. The promotion was triggered by epoch 162,304 at 10:26 UTC and was completed soon after.

Beiko stated that they are processing deposits, but they highlighted that several validators still require upgrades. Additionally, he mentioned a potential issue in the form of a lack of incentives, which could pose a challenge.

The testnet uses Ethereum without any real-world value, which may need to be more attractive to testnet validators. Beiko expressed optimism for the mainnet, citing reduced resource usage among users running nodes.

This has allowed for the submission of modifications, which could lead to low-resource nodes missing blocks or attestations. Such changes may impact the network’s reliability in the future. Overall, Beiko sees potential for improvement on the mainnet.

To cut a long story short, the Goerli testnet can now process staked Ethereum withdrawals. Additionally, this lays the groundwork for the projected mainnet update early next month. Furthermore, Shapella is a long-awaited upgrade for Shanghai, combining the names of Shanghai and Capella.

The market considers it the most anticipated upgrade and widely agrees that it is an improvement. Shanghai represents the execution side upgrade.Capella focuses on the consensus layer, where validators carry out their operations, whereas the execution layer is where intelligent contracts reside.

Innovative Ethereum Staking Using Liquid Rewards

These two components complement each other and are integral in propelling Ethereum forward into its next phase of development. In recent weeks, the focus has been on the Ethereum Shanghai upgrade, which has led to increased attention to liquid staking solutions.

The prevailing belief is that liquid staking options, such as Lido Finance, will experience a surge in popularity with the ability to withdraw Ethereum.

The Ethereum staked on liquid staking solutions has exceeded 7 million, resulting in a total sum surpassing $12 billion and contributing to a significant increase in the Ethereum price.

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It has surged by over 9% and is trading at approximately $1,699. Moreover, it experienced a spike from $1,665 to $1,779 but later retraced to its present value.

Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.