Breaking: Ethereum Shanghai Upgrade Live On Sepolia For ETH Withdrawals

Ethereum Shapella network is successfully activated on the Sepolia testnet at epoch 56832, moving closer to the Shanghai upgrade.
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Breaking: Ethereum Shanghai Upgrade Live On Sepolia For ETH Withdrawals

Ethereum Shapella (Shanghai/Capella) network is successfully activated on the Sepolia testnet at epoch 56832 at the scheduled 4:04 AM UTC and finalized at 4:17 AM UTC on February 28. It enables validators to withdraw their stake from the Beacon Chain back to the execution layer and introduces new functions to the execution and consensus layers.

Ethereum developers and clients shared the news on Twitter announcing the Shapella network is live and finalized on the Sepolia testnet. The next upgrade will be on the Goerli testnet and then on the mainnet, finalizing the Shanghai upgrade.

Ethereum Shanghai upgrade anticipated in March will fully transition Ethereum to proof-of-stake (PoS) and enables the withdrawals of Ethereum staked on the Beacon Chain. The Sepolia is the second of the three testnets planned to trigger the Shanghai upgrade. The first Zhejiang testnet upgrade was successfully completed on February 7.

Ethereum developers Tim Beiko and Parithosh took to Twitter to share the successful Sepolia Shapella upgrade.

Terence.eth, an Ethereum developer working on Arbitrum, revealed that some of the Prsym validators failed to upgrade to new client releases and are offline due to using the old Geth version. However, these validators will come online after a few minutes.

Marek Moraczynski, team lead at Ethereum client Nethermind, also took to Twitter to share the interesting news of successful Sepolia Shapella activation by the Ethereum Foundation developers.

Meanwhile, Ethereum Foundation has announced to shut down the Goerli testnet after the Shanghai upgrade. It will follow with the Holli or Holesovice testnet, expected in September this year.

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Ethereum Price After the Shanghai Upgrade on Sepolia Testnet

Ethereum price is currently trading at $1,627, continuing to move in a range above the $1,600 level. The 24-hour low and high are $1,615 and $1,662, respectively. Furthermore, the trading volume has increased by 15% in the last 24 hours, indicating a slight increase in interest.

The ETH price action has lost pace amid the fear of hawkish rhetoric from the U.S. Federal Reserve. The broader crypto market has also continued to be under pressure and is expected to bounce next month.

Also Read: Binance Mints Over $130 Million TrueUSD (TUSD) Stablecoin In A Week

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Varinder Singh

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.

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