Ethereum developers plan to go live by the end of February with a public testnet for the Shanghai upgrade, which will include code to withdraw ETH tokens that have been staking on the Beacon chain since December. 2020.
At a meeting on January 5, Ethereum developers chose March 2023 as the tentative target for the Shanghai hard fork. To make sure they meet this date, the developers plan to release a public testnet for the upgrade.
The developers noted that the upgrade will focus exclusively on ETH withdrawals. They backed out of integrating a set of Ethereum Improvement Proposals (EIPs), called EVM Object Format (EOF), which aimed to optimize the blockchain’s EVM programming environment, as they feared it would delay deployment. from Shanghai.
Vitalik Buterin also expressed concern about the risks that the implementation of the EOF might encounter. He stated :
“In the EVM, it is much more difficult to remove certain elements than to remove other features. If we are to create a new version of the EVM, it must be designed with the idea of being compatible with any updates we want to make in the future.”
Christine Kimresearch associate at galaxy who was present at the meeting, said in a blog post that the current developer test network for Shanghai, which was launched just before Christmas, has already progressed to block 4,000. Execution Layer (EL) and Consensus Layer (CL) clients are currently running on this testnet.
The upgrade got many members of the Ethereum community excited. As it will allow withdrawals from staking contracts it will significantly reduce the risk associated with this operation, which should convince more users to place their tokens.
According to data from Staking Rewards, Ethereum currently has the lowest staking ratio with only 13.79% of all ETH tokens in circulation. In comparison, other Proof-of-Stake (PoS) blockchains have a much higher staking rate, with Cosmos Hub at 62.5%, Cardano at 71.8%, and Solana at 71.4%.
Shanghai will have a major impact on liquid staking protocols such as Lido and Rocket Pool, which allow users to participate in staking without running a validating node. In other words, users with less than 32 ETH can engage in staking using these platforms.
Therefore, the native tokens of these protocols could register a substantial increase as the upgrade approaches. LDO, the native token of Lido, is currently trading at $1.88, up 17.5% over the past day. Rocket Pool’s RPL has increased by around 15% in the last 24 hours.
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