Ethereum: These new updates will upgrade the network and foster ecosystem development

  • Five Ethereum improvement proposals (EIPs) have been slated for the Shandong testnet.
  • One of the hotly anticipated network upgrades is the ability to withdraw staked Ethers from the beacon chain. 

Ethereum developers are closely working together for seamless post-Merge network upgrades. Through a Twitter thread, the Ethereum Foundation JavaScript team announced the launch of an early Pre-Shanghai testnet dubbed the Shandong. Reportedly, the experimental testnet run activates a set of selected Shanghai-considered EIPs for early client testing.

The Ethereum ecosystem has grown exponentially since its launch with several major network upgrades. As a result, the ETH network has been crowned the king of smart contracts and is home to decentralized applications, despite the rising level of competition from other blockchains.

After a successful merge event that transitioned the ETH network to a proof of stake from proof of work, developers have been consulting on the next major upgrades beginning with the Shanghai one. 

Five Ethereum improvement proposals (EIPs) have been slated for the Shandong testnet.

One of the hotly anticipated network upgrades is the ability to withdraw staked Ethers from the beacon chain. Moreover, over 15,168,736 staked Ether cannot be withdrawn by around 474,023 validators. Nonetheless, the Ethereum validators have been earning between 4 to 5 percent APR on their staked Ethers.

With the Ethereum tokenomics showing an infinite supply of Ethers, it is unlikely that most validators will unstake after the Shanghai upgrade.

Ethereum builds with intensified bear market

The Ethereum ecosystem has one of the most vibrant online communities, which perhaps prompted Vitalik Buterin to argue for network states. According to our latest crypto price oracles, ETH’s price has declined approximately 1.5 percent in the past 24 hours to trade around $1,182. The digital asset has a reported valuation of approximately $142 billion, with a daily traded volume of around $5.8 billion.

According to on-chain data provided by tokenview, the Ethereum network enjoys approximately 49,384,334 holders. 

As the ETH community grows exponentially, the need for neutrality continues to arise. Moreover, every country has set different crypto regulations according to the specific economic outlook.

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The Ethereum developers are working on meeting every Web3 need in accordance with the set country’s regulations. As such, the network will be guaranteed future growth success against its competitors. The foundation noted;

In order to simplify and maximise focus on a successful transition to proof-of-stake, The Merge upgrade did not include certain anticipated features such as the ability to withdraw staked ETH. The Shanghai upgrade is planned to follow The Merge, which will enable the ability for stakers to withdraw,

Among the hotly contested topics are block censorship and the validators’ maximal extractable value (MEV). The fact that over 70 percent of Ethereum post-merge blocs are OFAC censored questions the whole thing of decentralization.

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