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Too much drama in the crypto market seems to take away from the promising aspects of the last few months.
Many projects have worked to strengthen their systems and improve their products. The latest to make headway is Ethereum.
This is Ethereum Upgrade
Ethereum developer Marius Van Der Wijden announced today that the team has successfully executed a “shadow fork” of the Shanghai upgrade.
Shadow forks are mainnet copies that allow developers to test changes and improvements. The results of the shadow fork help developers check for and fix issues with changes before the mainnet goes live.
Van Der Wijden said that there were some minor issues when deploying the configuration on Geth, the Ethereum execution client but those issues were briefly fixed.
The developer also notes more tests will be carried out to provide sufficiently secure and proper functionality.
Namely,
“It started with some issues because the configuration wasn’t properly implemented in geth (we disallow changing the mainnet configuration). Configuration implemented correctly and all nodes agree.”
In January 2023, Ethereum launched the Shanghai hard fork testnet to experiment with and troubleshoot bugs in the Shanghai code.
According to the team’s initial plan, another testnet will be released at the end of February. This testnet aims to allow ETH staking projects to test and ensure that upgrades will run smoothly.
The Shanghai update will be one of the most expected events among the Ethereum community after The Merge. This major event is scheduled for March 2023.
Big deal
The upgrade received a lot of attention as it will include the EIP-4895 proposal, allowing those who have participated in staking ETH into Ethereum 2.0 contracts to withdraw funds, as well as stake rewards.
Since November 2020, Ethereum has been providing staking contracts for ETH 2.0 for its users to support The Merge.
According to statistics provided by Glassnode, the entire amount locked is greater than 16.1 million ETH, which is valued at $26.2 billion at the time of writing this article.
Spark of Hope
Adverse macroeconomic conditions, together with the inherent vulnerabilities of the fledgling industry, led to a serious crisis in the crypto sector.
Recently, there has been a surge in interest in cryptocurrencies, fueled by shocking events, curiosity about the repercussions, and, of course, the assumption that the market will recover. Whatever the reason, this crisis offers an opportunity.
Ethereum is the dominant altcoin and the second largest cryptocurrency. Ethereum, like Bitcoin, can serve as an excellent barometer for the crypto sector.
Since its debut in 2015, the value of cryptocurrency has skyrocketed. Even though Ethereum is still far from its all-time high, the price of Ethereum is expected to increase dramatically for the rest of 2022.
Despite the fact that both of the top two cryptocurrencies by market capitalization have made technical progress, Ethereum is gaining a competitive advantage and threatening the Bitcoin throne.
JP Morgan said in a December statement that the successful consolidation of the Ethereum network will be a catalyst for the development of the cryptocurrency market in the next 6-12 months.
The leading bank also notes that the fact that large organizations are starting to shift their money to real projects instead of speculation will help digital currencies have more application in life.
The bet on Ethereum’s future is buoyed by its recent transition to a less energy-intensive version. Improved Aggregation – the move from Proof-of-Work to Proof-of-Stake promises to make networks more efficient, faster, and cheaper to deploy.
With Shanghai just around the corner, the next upgrade for Ethereum is getting ready to roll out. During the upcoming hard fork, the main focus will be on facilitating the withdrawal of the staked ETH.
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