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Ethereum (ETH) Developers Announce Next Major Date for Shanghai Testnet Upgrade

Fri, 03/03/2023 - 13:53
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Tomiwabold Olajide
Shanghai upgrade's upcoming timelines shared by Ethereum (ETH) developers
Ethereum (ETH) Developers Announce Next Major Date for Shanghai Testnet Upgrade
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In a thread of tweets, Ethereum core developer Tim Beiko says that an agreement has been reached to move forward with the third and final Shanghai testnet, Goerli, and it will therefore be upgraded on March 14 at 10:25 p.m. UTC.

"Client teams felt comfortable moving forward with Goerli, which we agreed to fork on March 14, 10:25 p.m. UTC," he stated. The Shanghai hard fork will have its last run-through on the Goerli testnet before being implemented on the mainnet.

Beiko notes that a mainnet date has not been explicitly agreed upon, but it will "probably" be set during the next developers' meeting on March 16, "assuming things go well on Goerli."

He provides a possible time frame: around four weeks following the Goerli testnet upgrade. Beiko said that the teams recommended waiting four weeks for a potential mainnet fork after the Goerli testnet update. In this case, one week would be needed for developers to perfect the release, and then it would take more than two weeks to upgrade the nodes.

Given this, there is a good chance that the Shanghai upgrade that was originally anticipated for late March may be postponed until April. Last week, Ethereum developers tested Shanghai a second time on the Sepolia testnet.

As reported earlier, a MetaMask bug was detected that did not allow the balance to reflect withdrawals. This appears to be working now, according to Beiko, and a caching issue may have been to blame.

Shanghai might bring slight selling pressure: CryptoQuant

A recent analysis by cryptocurrency research company CryptoQuant predicts mild selling pressure for ETH from staking withdrawals. The research claims that 60% of all ETH staked are currently losing money when compared to the price at which the token was staked.

According to CryptoQuant, selling pressure develops when market participants are sitting on large profits, which is not the case at the moment.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.