Ethereum developers have agreed to test the Shanghai or Shapella update on Goerli, the largest and final public testnet to mimic withdrawals for staked Ether, before the upgrade goes live on ETH’s mainnet. During a bi-weekly call, developers agreed to conduct the final rehearsal on March 14. The Shanghai upgrade comprises two updates to ETH’s proof-of-stake beacon chain. Shanghai will upgrade the execution layer and Capella will target ETH’s consensus layer. Together, the Shanghai or Shapella upgrade promises to unlock roughly 16.5 million ETH locked up by validators.
Goerli is the third public testnet to run the Shapella upgrade. Recently, developers trialed staked ETH withdrawals on the Sepolia testnet, which ran without a hitch on Tuesday. Before Sepolia, the Zhejiang testnet ran Shapella with a few bugs noticed by developers, which were later fixed on Sepolia. Another successful test run of Shapella on Goerli will bring Ethereum closer to enabling withdrawal for staked ETH. While users previously expected the mainnet launch to happen in March, Goerli scheduled dress rehearsal changes things. Instead, developers hinted that the mainnet launch could happen three to four weeks after Goerli’s test. This suggested that Shanghai could go live on ETH’s mainnet around the second or third week of April 2022.
Ethereum’s native token, ETH, has traded in a range between $1500 and $1700 after a blitz pump throughout January. The token has traded in a similar range with leading crypto Bitcoin, which has also traded within a $2,000 range. On Thursday, ETH traded above $1600 and was just over 2% down. Analysts opined that once uncertainty around staked ETH and staked ETH liquidity is removed, ETH’s price could finish above $2500 by December 2023. Other industry experts adopted a bearish outlook, predicting that the leading altcoin could finish 2023 below $2000 due to regulatory turbulence in the U.S. and global macro conditions.