Developers are putting the finishing touches before Ethereum's much-anticipated Shanghai upgrade goes live next month.

Ethereum's Shanghai upgrade which allow the withdrawal of staked ETH has successfully crossed the finish line, confirmed by the network's core developers.

The Goerli test network, which is essentially a comprehensive main test of Shanghai, started late Tuesday night and ended roughly 90 minutes later. According to Ethereum's core developers, there was only a short delay caused by some validators running older versions of the clients. However, these validators were quickly notified, allowing the test network to be successfully unlocked.

There were no other noteworthy problems with the launch of testnet or its functions. Following the launch, a developer from the Ethereum Foundation stated, "Mainnet comes next!"

With Goerli up and running, validators can now simulate the process of paying out staked ETH from Ethereum. Because testnet only allows transfers of fake money, the network initially struggled to attract enough validators for testing.

“One challenge with testnet validators is that, given the ETH is worthless, there’s less incentive to run a validator [and] monitor it”

said Tim Beiko on Twitter.

Soon, however, Shanghai's financial stakes become very real. The process started when Ethereum started the transition to the "proof-of-stake" model . Here, users commit ETH to the network to validate on-chain transactions and are then rewarded with newly generated ETH for their contribution to Ethereum's operation.

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#Ethereum #ETH #ShanghaiUpgrade

1-The biggest pain point of negative Gamma of BTC on the trading cut day at the end of the season yesterday was 2.8W. Due to the seller’s dynamic DDH buying long position, it was sold at（ UTC+8） 3-4 pm;

2-The biggest pain point for sellers continued to move up to 2.8W and 3.1W in early April;

3- IV continued to fall over the weekend, but what is interesting is that Momentum has a rising trend, indicating that IV has a high probability of going up；

4-The BTC block trades mainly buy calls.

🚀Sober strategy (not financial advice):

#ShanghaiUpgrade is will coming ,so the empty Vol strategy should be more cautious, take PS strategy on the put side;

BTC as a whole is bullish and continues to spread diagonally.

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Ethereum, the second-largest #cryptocurrency by market capitalization, has been gaining momentum recently, with its price surging in anticipation of the upcoming Shanghai Upgrade. This significant upgrade to the Ethereum network is expected to boost the cryptocurrency's value and could see it reach $2K in the near future.

The #ShanghaiUpgrade is a crucial update to the #Ethereum network, aimed at enhancing its efficiency, security, and scalability. It includes a range of improvements, including a new Proof-of-Stake consensus algorithm, which will replace the current Proof-of-Work system. This change is expected to reduce the environmental impact of Ethereum mining and make it more accessible to a broader range of users.

The upgrade is also expected to improve the transaction speed and reduce the cost of transactions, making Ethereum a more attractive option for businesses and investors. This, in turn, could boost the demand for Ethereum and drive up its price.

The anticipation surrounding the Shanghai Upgrade has already had a significant impact on the price of Ethereum. The cryptocurrency has been steadily rising in value since the start of 2021, and many experts believe that it could reach $2K in the near future.

Several factors are driving this optimism, including the increasing popularity of decentralized finance #DeFi applications, which are built on the Ethereum network. DeFi applications have been gaining traction in recent years, offering users new ways to access financial services without the need for intermediaries.

Another factor driving the demand for Ethereum is the growing interest from institutional investors. Major financial institutions, including JPMorgan and Goldman Sachs, have recently started offering cryptocurrency services to their clients, and many are showing an interest in Ethereum as a potential investment option.

The growth of non-fungible tokens (NFTs) is also driving the demand for Ethereum. #NFTs are unique digital assets that are authenticated using the Ethereum blockchain, and they have been gaining popularity in the art and entertainment industries.

In conclusion, the impending Shanghai Upgrade is a significant milestone for the Ethereum network, with the potential to drive up the price of the cryptocurrency. The improvements to the network's efficiency, security, and scalability, coupled with the growing demand from institutional investors and the popularity of DeFi and NFTs, are all factors that could contribute to Ethereum's rise to $2K and beyond. As always, cryptocurrency investments carry inherent risks, and investors should do their research before making any financial decisions.

Ethereum’s highly anticipated Shanghai upgrade is set to bring some major changes to the world’s second-largest cryptocurrency. One of the most notable changes is that individuals who have staked their ETH as part of the network’s security mechanism will now be able to withdraw their holdings. This is a significant development for ETH holders, but will it create huge sell pressure on the cryptocurrency? The answer is likely no.

After the hard fork, users who have locked a minimum of 32 ETH to secure an APY staking reward of 4-5% will be able to withdraw a portion of their stake immediately. However, those who wish to withdraw their entire stake will need to wait anywhere from one to 36 days, which dampens the potential sell pressure. Furthermore, only 16% of ETH stakers are in profit, which means that most of them are unlikely to sell their holdings anytime soon.

For rational investors, selling ETH now would likely make little sense. ETH is arguably one of the world’s premier risk assets, and the investor profile for ETH holders leans towards rationality and a long-term outlook. Moreover, Ethereum is a blockchain that sells block space to apps, and the more apps and users there are, the more demand there is for ETH. This means that adoption can increase the value of the network exponentially.

The supply side of the trade relies on independent actors who run network nodes and receive ETH as compensation. However, thanks to a novel burn mechanism that destroys a small amount of ETH per transaction, the supply of ETH is actually shrinking despite token issuance.

Volatility should be ironed out slowly as the effects of network adoption take place. The more people who join the Ethereum network, the more the value of ETH increases, which leads to more adoption. As the market cap increases, it will take larger and larger market movements to rock the boat, reducing the large deviations in the price.

The upcoming Shanghai upgrade will be followed by a more complex upgrade that will reduce fees on the Ethereum network, making it faster and even more user-friendly. Despite the bear market, transactions on Ethereum are still maintaining a solid uptrend thanks to innovations like NFTs and decentralized finance.

Regulatory uncertainty has been a challenge for the crypto industry, but even as the U.S. puts a squeeze on crypto, Dubai, Hong Kong, and the U.K. are already preparing to scoop up exiled crypto companies. And even if regulators shoehorn ETH into the antiquated category of security, it may not matter. Anyone could buy securities in minutes using an app on a phone.

The Shanghai upgrade is an exciting development for ETH holders and the Ethereum network as a whole. With the potential for increased adoption and a shrinking supply, the value of ETH may continue to rise in the long-term. Investors may want to keep a close eye on Ethereum in the coming months to see how the network evolves and how the market responds to these changes.

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This article was republished from azcoinnews.com