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Shanghai Upgrade

Ethereum Reaches New High With 3040 ETH Burn, Led by Uniswap & OpenSea

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Ethereum is blazing a new trail in the world of cryptocurrencies, reaching a high of 3040 on February 2nd. It marks the highest point since November 10th, 2022, and solidifies its place as one of the top players in the game.

The primary sources fueling this fiery surge are two popular decentralized exchanges, Uniswap and OpenSea. Both platforms have seen a significant increase in usage and transactions, leading to a corresponding rise in the value of Ethereum.

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Additionally, as the demand for Ethereum continues to grow, so too does the cryptocurrency greed index, which has hovered around 60 for several days. It indicates a high level of excitement and anticipation in the market as investors scramble to get a piece of the action.

However, the burning of ETH is a key metric in the world of cryptocurrency and is being closely watched by those in the know. This latest record high burn is just another example of how Ethereum is making waves in the market and solidifying its place as a leading cryptocurrency.

Ethereum Developers Set Sights On Upgraded Mainnet Launch In Mid-March

The Ethereum community was excited as developers gathered for a conference call on February 2nd to discuss the latest developments in the Ethereum network. 

According to Christine Kim’s blog, the conference call pointed out that assuming all public testnets of the Shanghai upgrade go smoothly, developers are expected to activate the upgraded mainnet in mid-March.

The Shanghai upgrade is a highly anticipated event in the Ethereum community. It will bring several important changes to the network, including increased efficiency, reduced gas fees, and a new consensus algorithm. 

The upgrade is expected to make Ethereum more secure, scalable, and user-friendly, which will be a big boost for developers and users alike.

The conference call also discussed the progress of the Shanghai upgrade on various testnets. The Zhejiang testnet will activate the Shanghai upgrade on February 7th, followed by releases on the Sepolia testnet (mid-February) and Goerli testnet (late February and early March). 

However, the smooth activation of the upgrade on these testnets will be crucial to ensuring a successful mainnet launch.

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Ethereum Launches Its First Mainnet Shadow Fork: Details

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Core developers of Ethereum have launched the first mainnet shadow fork to determine the preparedness of the ETH staking withdrawal feature.

This marks a step forward in enabling users to access more than $26 billion worth of staked ETH in March as planned.

Announcing the same, Marius Van Der Wijden, an Ethereum Foundation software developer, claimed that despite a few issues, the deployment of the shadow fork was overall successful.

A shadow fork is designed to test network upgrades with existing state data from the original chain and also check for any bugs.

These “rehearsals” act as an important tool for web3 developers because it allows them to test their assumptions about the network’s upcoming upgrades against the most current conditions of the mainnet’s production environment.

With these, core Ethereum developers, node providers, and independent stakers can be ready for upcoming network-wide changes so the Ethereum application ecosystem is not interrupted.

The Shanghai will be the first significant update since the historic Ethereum merge in September, which transformed the network’s operating system to a proof-of-stake one.

Users would deposit ETH with the network after the merge to become validators and aid in on-chain transaction authentication. In exchange, these users have been allowed to earn prizes in the form of freshly created ETH.

Upgrade to Ethereum Shanghai involved this

The amount of Ethereum invested into the staking contract has steadily increased since the Beacon Chain started live in November 2020. As of Jan. 7, deposits totaling 15.9 million ETH, worth $20 billion, or 13% of the total supply, TronWeekly reported.

Shanghai’s main highlights include:

Bringing down the gas charge for layers 2 solutions could make using Eth after Shanghai faster and more affordable.

Efficiency improvements in data access and storage, like the elimination of past block hash information from contracts. Removal of the contract lock on staked tokens will enable unstaking and the withdrawal of staked ETH.

On Dec. 8. the 151st Ethereum Core Developers Meeting was conducted and discussions were held on setting the timeframe of March 2023 for the Shanghai hard fork.

Additionally, the core programmers planned to roll out the Ethereum Improvement Protocol [EIP] 4844 updates, which would bring proto-danksharding to the network, in May or June 2023.

Ethereum’s Shanghai Hard Fork To Roll Out In March 2023

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Ethereum’s upcoming Shanghai upgrade is scheduled to go live on March 2023, ETH core developers revealed at a recently concluded meeting.

The Ethereum Foundation published a pre-Shanghai testnet for the official release on October 14, 2022.

The Ethereum Improvement Proposals [EIPs], commonly known as “Shandong,” is to be tested and polished on this testnet before being released as part of the official Shanghai Update, TronWeekly reported earlier.

The upgrade is set to deploy key updates and elemental changes in the blockchain’s EVM functionalities.

One of them is bringing down the gas fees for layer-2 solutions such as Polygon, and Optimism, running on top of Ethereum.

Prior to the Merge, all those who were interested in joining the new PoS Beacon chain were required to stake a particular amount of ETH into a deposit smart contract, which remained locked in even after the Merge.

However, with the Shanghai Upgrade formally known as Ethereum Improvement Proposal 4895, we might witness the lifting of the lock-in and allow people who have staked their ETH tokens to unstake them.

With intentions to launch a public testnet on December 15 or December 16, 2022, developer Marius van der Wijden stated in the zoom meeting that full and partial withdrawals were functioning on two private Eth testnets.

After van der Wijden’s update, teams developing popular Eth clients updated the group on their readiness. 

Geth, Besus, Erigon, and Nethermind are well-known implementations of execution clients, while Lighthouse, Lodestar, Nimbus, Prysm, and Teku are well-known implementations of consensus clients, according to the Ethereum Foundation.

Next, the developers spoke on whether incorporating EIP-4844 with the Shanghai upgrade in March 2023 would lead to delays. 

Ethereum Core Devs Decided To Postpone This Ahead Of The Fork

Also known as Proto-Danksharding, EIP-4844 introduces a new kind of transaction type to Eth that accepts “blobs” of data to be persisted in the beacon node for a short period of time.

Most of them concurred that implementing withdrawals should be the top priority and postponed EIP-4844 until the following upgrade.

If all client development teams did not have their code ready to be tested by January 5, 2023, the all-core developer’s team decided to exclude Ethereum Virtual Machine Object Format [EOF] from the Shanghai upgrade.

For the uninitiated, the EOF upgrade makes changes to the execution layer of the Eth network. The team announced it to host its second meeting on Jan. 19, 2023.