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Ethereum (ETH) on Road to Shanghai Upgrade as First Public Withdrawal Testnet Launches

Thu, 02/02/2023 - 12:15
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Tomiwabold Olajide
Ethereum will go through its first significant update in March
Ethereum (ETH) on Road to Shanghai Upgrade as First Public Withdrawal Testnet Launches
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Barnabas Busa, an Ethereum developer, reports that the Zhejiang public testnet has started. Users can now begin testing EIP-4895, commonly known as "staked ETH withdrawals," which is a part of the protocol's upcoming significant update, the Shanghai hard fork, thanks to the new public withdrawal testnet that launched on Feb. 1.

However, until the testnet undergoes an upgrade on Feb. 7, users will not immediately be able to take part in the simulated withdrawals.

According to Busa, users may currently request funds through a variety of faucets, generate keys with "Wagyu," make deposits with Launchpad and keep an eye on them using the Beacon Chain.

The Zhejiang testnet follows the deprecation of the Shandong testnet by Ethereum developers. Shandong was shut down due to the inclusion of some EIPs surrounding EVM Object Format (EOF), which would no longer pass with the Shanghai upgrade.

Ethereum Launches Seven Testnets in One Epic Week of Preparations for Shanghai

In March, Ethereum will go through its first significant update since switching to a proof-of-stake mechanism in September.

This upgrade is referred to as the Shanghai hard fork. With the upgrade, the proof-of-stake blockchain will be able to function fully and unlock ETH that has been staked. Another major Ethereum hard fork is expected in the third quarter.

Ethereum price jumps 6%

Ethereum (ETH), the native asset of the Ethereum blockchain, is trading at $1,667 as of press time, up 7% in the last 24 hours.

After Federal Reserve Chair Jerome Powell said the U.S. central bank was seeing indications of waning inflation and cryptocurrencies recovering.

The Federal Open Market Committee increased its benchmark interest rate by 25 basis points to a new range of 4.5%–4.75%, the highest level in 15 years, before Powell's speech, as was predicted.

The central bank stated in its policy statement that "ongoing rises" in borrowing costs will be required to further reduce inflation.

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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.

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