April 21, 2024

Ethereum developers to test Shanghai update in February

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Ethereum developers to test Shanghai update in February

Ethereum hard fork calledShanghai will be solely dedicated to releasing locked-in staking ETH. The developers will launch a test network with this update in February.

It is expected that on the Ethereum main networkThe Shanghai update will be activated in March this year. Users will be able to access their ETH, which they used for staking before the second cryptocurrency network switched to the Proof-of-Stake algorithm.

For the update to be successful, the test networkwith the update, Shanghai will be launched by the end of February. Developers have delayed the integration of the Ethereum Virtual Machine Object Format (EOF) into the Ethereum Virtual Machine (EVM). This could delay the launch of Shanghai. Thus, the hard fork will be intended solely to unlock staking coins.

Note that Beacon Chain is currently stakingMore than 15 million ETH are blocked - this is about 12.9% of the total amount of ether. However, some analysts fear that unlocking such a significant volume of coins could lead to a collapse in the price of ETH if users decide to sell assets.

Earlier, Chinese crypto journalist Colin Wu said that some large investors expect the price of ether to drop to $400.