Ethereum’s Shanghai upgrade confirms 1st testnet “Shandong”

Sahana Kiran
Source – Unsplash

2022 will certainly be considered a major year for several platforms. For FTX, Terra, and other troubled platforms, it certainly wasn’t a pleasant year. But, for the Ethereum [ETH] network, with its transition from proof-of-work [PoW] to proof-of-stake [PoS], 2022 was rather pertinent. Soon after the Merge, the network maintained a rather low profile as the woes of troubled firms began surfacing.

Now, once again, the network was back making headlines. During a recent weekly call, developers at the Ethereum Foundation shed light on the Shanghai update. This is expected to be the next major upgrade following the Merge. The Shanghai update is scheduled to take place in the second half of 2023.

The hard fork update will enable withdrawals of staked ETH from the Beacon Chain and may also contain recommendations to fix scalability concerns and enhance the Ethereum Virtual Machine. The testnet version of the upgrade called Shandong went live back on October 18.

Previously, the Ethereum Foundation JavaScript Team went on to share the details about the same.

It wasn’t sure that all of these would make it to the cut as these EIPs were “considered for inclusion.” However, even before the latest call, EIP 4895 which involves Beacon Chain withdrawals was set to be part of the fork.

The Beacon Chain stakes Ether is expected to be unlocked. Through this, assets will be allowed to be withdrawn during the upgrade. Users will have access to those tokens and any other incentives if they staked Ethereum before the Merge. As per an earlier schedule, locked ETH should become available 6–12 months after the Merge.

The other EIPs include EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450 which are being considered.

Ethereum revisits $1.2K but fails to stay afloat

The FTX crash took down the entire market. With several crypto assets plummeting, Ethereum also followed suit. At press time, the asset was trading for $1,182.84 with a 1.45 percent drop over the last 24 hours.

Earlier today, the asset veered to a high of $1,203 but it failed to retain its position there.