Shanghai is successfully implemented on the Ethereum testnet
CriptoFácil – O , the largest platform for smart contracts, has successfully implemented the Shanghai update on testnet. With that, the network processed its first staking withdrawals, a process in which users deposit their coins to help maintain the security of the network and, in return, receive rewards.
“On the Zhejiang testnet, partial and full withdrawals as well as changes to the BLS are included in the execution charge,” said Barnabas Busa, DevOps Engineer at the Ethereum Foundation.
The BLS changes allow people to change their withdrawal credentials to properly process staking withdrawals. Zhejiang is the first of three testnets to undergo the Shanghai implementation.
Ethereum staking, a form of proof-of-stake (PoS) consensus, which allows users to actively participate in maintaining the network, rather than simply using it as passive users.
Ethereum
By doing so, they can earn rewards in ETH. The success of the first staking withdrawals on the testnet is a positive indication that the rollout on your mainnet will be successful as well.
In addition to freeing up staking ETH, the Shanghai upgrade aims to increase network scalability and efficiency. Currently the Zhejiang testnet has been receiving updates to test the Shanghai functionalities before the official launch.
Shanghai also aims to improve network security and privacy. This will allow Ethereum to meet the growing demand for its technology and expand its user base.
The anticipation of the Shanghai hard fork has led to increased interest from validators in the Ethereum network. The number of validators grew by 3.07% in the last month, and the revenue generated by these validators increased by 76% in the last 30 days.
With that, the overall sentiment among Ethereum holders remains positive. Data from Glassnode has shown that the percentage of Ethereum holders in profit has increased significantly recently and reached a 5-month high.
By CriptoFacil