This year, two major upgrades on the blockchain networks are pending and the Team Ethereum is working tirelessly to execute the transitions as seamlessly as possible
According to EIP-4895, users would be able to withdraw their staked ETH which accounts for 14% of the total ETH supply in the market
Ethereum blockchain network as it shifted the blockchain from PoW to PoS.
The new upgrade made it possible for investors to stake their ETH and become validators instead of an extremely power-consuming mining mechanism.
This year, two major upgrades on the blockchain networks are pending and the Team Ethereum is working tirelessly to execute the transitions as seamlessly as possible. While sharing a blog post yesterday, the Ethereum dev team announced that they are going to implement the Shanghai and Capella, collectively called Shapella, on their Zhejiang testnet.
Zhejiang testnet was launched recently and went live on 7th Feb to give ETH users the to test Ethereum’s Improvement Proposal-485. According to EIP-4895, users would be able to withdraw their staked ETH which accounts for 14% of the total ETH supply in the market. The Shapella transition is going to add other important features to the blockchain as well apart from withdrawals from the execution layer. In the blog, team Ethereum said,
"If you are an Ethereum staker, node operator, infrastructure provider, or otherwise, now is the time to get up to speed on the coming Shapella upgrade, test your software, and pay attention. From here, each public testnet will be upgraded, and if all goes according to plan, the mainnet will soon follow."
Zhenjiang testnet is going to be a stimulating ecosystem for the upcoming Shanghai update and is also named after a Chinese province. Even though the Shanghai update is not the only one as it is followed by a series of updates in the blockchain named “Surge,” “Verge,” “Purge” and “Splurge”, it is going to be a significant one.
As per the reports, this update is also going to reduce the gas fee for ETH developers, adding fuel to the overall development of its mainnet. ETH liquid staking platforms such as Lido are also going to be benefited from this decision as it would liberate all the staked ETH on the network.
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