Ethereum network successfully tested a major Shanghai update

Ethereum network successfully tested a major Shanghai update

Author: Robert Strickland (crypto expert)

Ethereum network successfully tested a major Shanghai update
The Ethereum test network called Sepolia has successfully tested an update that mimics the upcoming Shanghai hardfork
The Sepolia test network has completed a "rehearsal" of the hardfork, which will allow Ethereum owners to remove blocked coins from stacking

The Sepolia test network of the Ethereum blockchain has successfully undergone an update that mimics the upcoming Shanghai hardfork. The Sepolia network successfully upgraded to Shapella, Ethereum protocol developer Terence Cao said.

The Shapella update combines the names of the upcoming Shanghai and Capella hardforks. Shanghai is the fork name for the execution layer (formerly ETH 1.0) and Capella is the updated name for the consensus layer (formerly ETH 2.0).

Validators must deposit at least 32 ETH ($52k) to validate transactions on the Ethereum blockchain before the update. Now they will be able to withdraw rewards exceeding 32 ETH, or withdraw all funds and stop validating transactions altogether.

Ethereum is waiting for the Shanghai update in March. Why it's a big deal

Following a successful "rehearsal" on the Sepolia network before the Shanghai fork is launched on the main network, the Goerli test network will be updated in March.

In anticipation of Shanghai and the possibility of withdrawal of funds from stacking, the value of native cryptocurrency DeFi-projects providing liquid stacking services has been showing growth for over a month: Lido DAO (LDO) has grown by 40.4% in 30 days, Rocket Pool (RPL) - by 26.9%. Stacking platforms came in second place in terms of funds (TVL) in the DeFi sector, overtaking the lending services.

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