The Ethereum blockchain is one step closer to its highly anticipated Shanghai Upgrade, as the Sepolia testnet successfully replicated withdrawals of staked ether (ETH) today. The upgrade was triggered at epoch 56832 at 4:04 UTC and finalized at 4:17 UTC (11:17 p.m. ET). This marks Ethereum’s complete transition to a fully functional proof-of-stake network, allowing validators to withdraw rewards earned from adding or approving blocks to the blockchain. The Shanghai Upgrade is a major milestone for Ethereum, as it will enable users to stake their ETH and earn rewards for validating transactions on the blockchain. This upgrade will also bring increased scalability and security to the Ethereum network, making it more attractive to developers and users alike.
The Ethereum Foundation is running a test on the Goerli testnet, called Sepolia, to provide developers with a dress rehearsal of the withdrawals that will happen on the main Ethereum blockchain. Sepolia is the second of three testnets to run through such a simulation, and unlike the previous testnet upgrade that happened earlier this month on Zhejiang, this is on a closed testnet, meaning that only the Ethereum core developers run the validators on this testnet. Sepolia is also the smallest of all three testnets in terms of the number of validators participating on it, making it the least important of all three. This test is designed to help developers prepare for the upcoming Shanghai mainnet launch and ensure that their applications are ready for the transition. The Ethereum Foundation is committed to providing developers with the tools and resources they need to build on the Ethereum blockchain.
The Ethereum developers are preparing for the Shanghai Upgrade, which will enable staked ETH withdrawals. The upgrade is expected to occur in March, but could be delayed slightly. To ensure a successful launch, the developers are running test upgrades on three testnets: Ropsten, Kovan, and Goerli. The final testnet upgrade will occur on Goerli in the coming weeks, which will be the most anticipated as it mimics the main Ethereum blockchain’s activity most closely. If the developers continue to run test upgrades three weeks apart, the mainnet Shanghai Upgrade could be pushed into April. The upgrade will be a major milestone for Ethereum, allowing users to withdraw their staked ETH and take advantage of the network’s new features.
