The Ethereum Shanghai update will take place on April 12. The price of ETH is rising!
The market welcomed the new date of an important update with enthusiasm.
The long-awaited Ethereum update called Shanghai will take place on April 12, 2023. According to the network developers, this will be the best time to implement important changes that will not only improve security and scalability, but also provide new features and the ability to withdraw staked ETH from the blocked pool on the Beacon Chain network. The market received the news with enthusiasm, and the Ethereum price is back above $1,700. But at what stage are the preparations?
Ethereum benefits from improved sentiment. The update was positively accepted by the community.
Announced for March, a key update of the Ethereum network has been postponed to a later date, but today a new official date for this groundbreaking event was announced.
According to the latest statement from the Ethereum foundation, a hard fork called Shanghai will be officially launched on April 12, 2023, allowing investors to withdraw staked Ethereum (ETH) coins from the blocked pool on the Beacon Chain network.
According to Ethereum programmers, this is a much better time to make changes, because in recent days the sentiment on the cryptocurrency market has improved significantly and the prices of the largest cryptocurrencies have soared.
Only in the last 7 days, the price of ETH has increased by more than 20%, recovering the level of $ 1,700. Currently, the quotations face a horizontal resistance at the level of $ 1,715, which blocked investors' aspirations for most of February.
However, this does not change the fact that the broadly understood cryptocurrency market is doing great, after the banking crisis was temporarily averted and investors believed in the upcoming change in the Fed's sentiment.
Despite concerns about the withdrawal of staked ETH, the cryptocurrency community eagerly awaits the upcoming update, believing that the digital currency industry has already been through the worst.
Shanghai will bring the arrival of Ethereum 2.0 closer
Shanghai is a much-anticipated update that is expected to bring significant improvements to the network, including increased scalability, improved security, and more efficient support for smart contracts as well as decentralized applications.
The update will also introduce several new features and improvements that aim to improve the overall user experience and make Ethereum more accessible and friendly to both the community and the environment.
The Shanghai update is one of many news announced as part of Ethereum 2.0, a network transformation that was launched by The Merge in September 2022. Ethereum 2.0 is to become the network of the future, the foundations of which will be scalability, security and energy efficiency.
The Shanghai update is a necessary step towards the Serenity update that will complete the transition to Eth 2.0. Serenity is expected to bring even more significant enhancements and improvements to the network, including the ability to handle millions of transactions per second, greater support for private transactions, and significantly lower transaction costs.
While Shanghai is perceived by the community with concern, Serenity is set to revolutionize ETH and its role in the future of decentralized finance (DeFi), and the entire NFT ecosystem, as well as other applications and services based on blockchain technology.