Ethereum Successfully Tests Shanghai Upgrade on Public Testnet
Ethereum developers have successfully tested the Shanghai upgrade on Sepolia, a public testnet. The upgrade represents a significant milestone for the ETH network after its switch to proof-of-stake in September 2022. It will enable withdrawals for staked Ether locked up by validators since December 2020 to ensure network security and qualify for rewards.
The test simulated two crucial upgrades – Shanghai on the execution layer and Capella on the consensus layer. Developers will now test Shanghai-Capella, or Shapella, on a third public testnet before the mainnet update – Goerli.
This marks the second time Ethereum developers have mimicked staked ETH withdrawals on public testnets, following Zhejiang. These testnets allow developers to rehearse what the eventual upgrade will look like while fixing bugs and introducing patches to the update code if necessary.
After Sepolia, developers will test Shanghai on the Goerli public testnet. Goerli will be the third and last testnet to trial withdrawals for staked ETH before developers ship Shanghai to the mainnet and implement EIP-4895 meant to unlock over 16 million ETH. The test on Goerli should happen in March before the main upgrade, barring any changes to the timeline from Ethereum developers.
The successful test on Sepolia is a significant step forward for Ethereum, indicating that the network is on track to implement the upgrade as planned. Developers are optimistic about the upcoming test on Goerli, which will be the final hurdle before the mainnet upgrade.
Goerli Ether (gETH) Price Surges on Uniswap
The price of Goerli Ether (gETH) surged as high as $1.60 during the weekend after speculative traders aped on the token designed for developers to simulate updates. The spike in gETH price occurred after LayerZero designed a swap product on Uniswap, aiming to provide easy access to test Ether for developers.
Previously, developers had to rely on faucet services to access testnet tokens, a process LayerZero sought to improve on. However, market speculators aped in on the token listed at $0.10 per token on the decentralized exchange, driving up the price.
Popular developer Mudit Gupta opined that the hike in test ETH price on Goerli might signal the end of the public testnet. He tweeted, “This is the start of the end of Goerli testnet. It served us well. My faucet distributed 6 million or so Goerli eth for free. Worth around 4 million USD at current prices 🙃. My RPC node served over 100 billion requests. They are both non-functional now. I’ll miss Goerli.”
While the surge in gETH price is not directly related to the Shanghai upgrade, it highlights the increasing interest in Ethereum’s development and the potential for significant gains in the future.
Overall, Ethereum’s successful test on Sepolia and the upcoming test on Goerli are positive signs for the network’s development and the continued growth of the cryptocurrency industry as a whole.
