Ethereum’s Shepela upgrade, which will allow staking of ETH, has been successfully activated on the Goerly network. Mainnet upgrade is expected next month.
Ethereum is taking more steps in its efforts to upgrade the network, as Ethereum developer Tim Beiko announced that Goerly had forked. The fork is a necessary step before Ethereum’s Shepela upgrade goes live on the mainnet, bringing with it a number of improvements. At 10:26 UTC, epoch 162,304 triggered the upgrade, which was finalized shortly after.
Biko announced that deposits are undergoing processing, although he noted that many validators have not yet made the upgrade. He says there is a potential challenge in the form of a lack of incentives. The testnet uses ETH which has no real value, which cannot attract enough testnet validators.
He feels more optimistic about the mainnet because it is more likely that users are running those nodes with fewer resources than the mainnet. Biko previously referred to the fact that the change was the first time people could submit changes, which could eventually lead to missed blocks/validations on low-resource nodes.
The long and short of it is that ETH withdrawals can now be processed on the Goerly testnet. This lays the groundwork for the mainnet upgrade, which is expected sometime next month.
What is Shepela?
Shepela is the unanimous side upgrade of the Shanghai Upgrade, one of the most anticipated upgrades in the market. It is a port of Shanghai and Capella, with the former serving as the execution side upgrade.
Capella focuses on the consensus layer, where validators perform their tasks, while the execution layer is where smart contracts exist. They are two sides of the same coin and together, will propel Ethereum into the next phase of its existence.
Liquid Staking Benefits From Ethereum Development
The Ethereum Shanghai upgrade has been making headlines over the past few weeks, and it looks like the Liquid staking solution is benefiting. The consensus is that liquidation staking solutions such as Lido Finance will see a boom as a return to ETH becomes possible.
The amount of ETH on Liquid Staking Solutions recently crossed 7 million. This has brought the grand total to over $12 billion. All this has had a strong positive effect on the ETH price.
It is currently up more than 9% and hovers around $1,699. It jumped from $1,665 to $1,779 before falling back to its current price.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.