The Zhejiang testnet is laying the foundation for the Ethereum betting system. These new ads represent last year’s update “The Merge”, which should allow a small revolution of the sign. Of course, this event is the first step that should lead to other testnets in the coming weeks.
The purpose of the latter is to test the correct functioning of accumulated token withdrawals. Because Ethereum intends to establish a staking system for its network. Even if there is still a long way to go, we are getting dangerously close to D-Day. We’re telling you more now!
Can Ethereum token explode with Zhejiang?
It is true that Vitalik Buterin promised us life and surprises with his update The Merge in 2022. Although ETH saw some rises before the update, it is today that we see all these beautiful words come true. Bus BarnabusEthereum developer announced to us the release of the testnet today.
Zhejiang public test network will go live tomorrow (February 1 15:00 UTC, 2023). Shanghai + Capella will start 6 days later (at age 1350). You will be able to deposit validations, practice BLS change and exit without risk. All links are here: https://t.co/XNlsDIG0cm pic.twitter.com/sKKDJmolt2
— Barnabas Busa (@BarnabasBusa) January 31, 2023
The Zhejiang testnet is the first significant step It should then allow you to move on to the next steps. The most expected number is the Shanghai test network which should come to concretize the test period. This is expected in 6 days if all goes well.
today, The objective is clearly to focus on the problems that may arise, related to the massive use of the functionalities. Once resolved, Ethereum will be ready for the next step!
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Shanghai hard fork: the great network revolution
Zhejiang is the beginning of a great adventure. If the tests are conclusive, ETH could boom in the next few hours or days. The real objective is the Shanghai hard fork that will take place in March or April 2023.
This should not only allow users to withdraw their tokens, but there is something else. Developers will be entitled to reduced gas charges on the network. This update is very important, as it is the first since The Merge.
Its realization should usher in a whole new era for the Ethereum ecosystem. Just additional news for collectorswho have been holding their signs since 2020 and will finally be able to withdraw them!
With this update, the entire betting process will come to life and validators will have all necessary control over their funds. This is enough to give a great boost to the network, which is already doing well at the moment.
Will validators sell off in droves and crash ETH?
There are two possible options, the validators will sell their tokens en masse, or they will keep them for future sale. Because, you would think, with all the expected new features on Ethereum, the validators would expect the token to rise in the coming months and years by holding their tokens.
We can expect the price of ETH to drop for a short while on the way out of Shanghai before rebounding nicely. to new heights. Currently, approximately 1 million tokens are ready to be withdrawn.
To monitor the evolution of the price of ETHfollow our page that tracks the course of cryptos in real time.
Source: Bus Barnabus
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