Ethereum launches testnet for upcoming Shanghai upgrade

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ethereum upgrade is called shanghai

Ethereum (ETH/USD) developers have an opportunity to start working on the next upgrade for the proof-of-stake network, thanks to the launch of a test network that would make this possible.

On Monday, it was announced that core developers at Ethereum had unveiled “Shandong” the testnet, for the blockchain network’s Shanghai upgrade.

The testnet is set to allow developers test their protocols before Shanghai goes live – the first upgrade for Ethereum post-merge that’s estimated to take place in 2023.

Ethereum Improvement Proposals (EIPs)

As the testnet launches, Ethereum developers are looking at multiple improvement proposals for Shanghai. Among these Ethereum Improvement Proposals (EIPs) are considerations regarding network efficiency, scalability and gas prices.

One of the EIPs, EIP-4895, looks at Ether staking – particularly, staking of native coin ETH and how those who sent coins to the Beacon Chain can withdraw their staked funds.

As it stands, those who sent ETH to the Beacon Chain cannot withdraw their assets or earned rewards. According to Glassnode, the total value in the ETH 2.0 deposit contract hit a new all-time high today, clocking over 14.2 million ETH.

📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 14,279,287 ETH

View metric:

— glassnode alerts (@glassnodealerts) October 18, 2022

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