After the Merge update, which migrated the Ethereum (ETH) blockchain to the proof-of-stake (PoS) covenant, the platform’s development works have entered a new phase. Apparently, the Ethereum staking testnet codenamed Zhejiang will go live today, February 1, enabling users to try the staked ETH crypto token withdrawal, the platform’s creator tweeted on January 31.
Notably, after the testnet is live, users will not be able to test the withdrawal features that will be included in the Shanghai and Capella updates that will be activated six days later.
“The Zhejiang public testnet will go operational tomorrow” (February 1 15:00 UTC, 2023). Six days later, Shanghai+Capella will be activated (at epoch 1350). You will be able to securely deposit verifiers, practice BLS change, and quit the game.
In addition, the developers want to utilize the testnet’s results to track the widespread adoption of these capabilities and address any possible concerns that may arise. Notably, the Ethereum programmers anticipate that the Shanghai hard fork will be released in March. The Zhejiang testnet will demonstrate all Ethereum Improvement Protocols (EIPs) intended for the Shanghai revamp in this phase.
When the Shanghai hard fork goes online, it will be the first significant network update since the Merge. Importantly, the event is being monitored in the cryptocurrency industry due to its possible impact on ETH’s price. In addition, the tetsnet is expected to be actively watched, since several companies and cryptocurrency exchanges foresee handling billions of dollars from the ETH staking operation. For example, banking behemoth JPMorgan (NYSE: JPM) recently claimed that cryptocurrency exchange Coinbase might be among the largest benefactors of staking.
The lender’s strategists anticipated that Coinbase will generate around $500 million in yearly income after the Shanghai software update goes online. In the meanwhile, the value of Ethereum is stabilizing around $1,600 after experiencing consistent increases in 2023 that contributed to a 30% price increase. At the time of publication, the asset was valued at $1,571, a 0.1% increase over the previous 24 hours. The present market capitalization of the asset is around $192.24 billion.
