Ethereum Shanghai Upgrade: Developers Reveal Key Details Ahead Of Sepolia Upgrade

Varinder Singh
February 27, 2023
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Ethereum developers have asked node operators, validators, and stakers to update their Ethereum clients as the Ethereum Shanghai upgrade comes closer. With the Sepolia Shapella upgrade scheduled for February 28 at 4 AM UTC, withdrawals of staked Ethereum on the Beacon chain will start soon.

Ethereum developer Tim Beiko and other developers on February 27 reminded node operators and stakers to update their Ethereum clients before the Sepolia Shapella upgrade on February 28. Only after updating with the required Ethereum clients, validators can withdraw their stake from the Beacon Chain back to the execution layer.

The consensus layer Ethereum clients such as Lighthouse, Lodestar, Nimbus, Prysm, and Teku have already announced Sepolia releases. The execution layer Ethereum clients such as Besu. Erigon, go-ethereum (get), and Nethermind have also announced their Sepolia releases.

Moreover, Tim Beiko said the Goerli testnet will be shut down after the Shanghai upgrade in March. Future testnets, including Sepolia, can mint more ETH.

He hopes the upcoming testnet “Holli” (or Holesovice) can include more addresses in genesis files. After the Goerli testnet is shut down, Ethereum developers plan to get application developers easy access to testnet ETH tokens before Holli testnet launch.

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Goerli’s GoETH Floor Price Rises Amid Shanghai Upgrade

Meanwhile, the floor price of the Ethereum Goerli testnet version BAYC BoredApeYachtClub-GOERLI-TEST has reached 45 ETH, up nearly 3000%. Also, the current total transaction volume has reached 53,741 ETH with 3,996 holders.

The testnet bridge and the ever-increasing testnet ETH price have sparked debate in the cryptocurrency community.

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Ethereum Price Soars Ahead Of Sepolia Shapella Upgrade

The Sepolia Shapella upgrade of the Shanghai upgrade scheduled to happen tomorrow has also led Ethereum price to move higher. The ETH price is currently trading at $1,635, up nearly 3% in the last 24 hours. The 24-hour low and high are $1,597 and $1,645, respectively.

The ETH price is likely to be volatile amid the upgrade as validators withdraw their staked Ethereum. However, they will be rewarded for re-staking and adding more ETH.

Also Read: Shiba Inu Developer Shytoshi Kusama Announces Major Update On Shibarium

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.