- The developers will go ahead with more shadow forks before upgrading to Shanghai.
- Shanghai upgrade will allow withdrawal of staked ETH
- Over 16 million ETH have been locked up as Ethereum began the transition from the Proof of Work to the Proof of Stake chain.
Ethereum The developers have managed to deploy a “shadow fork” ahead of the upcoming network upgrade Shanghai.
according to a Update From one of the developers, the much anticipated upgrade to shadow fork was executed on Monday Jan 23rd 2023 at around 5:40AM ET. As a copy of Ethereum’s mainnet, forks are a feature that provides an environment in which developers can test code. before it is deployed on the public blockchain.
finalizing withdrawal-mainnet-shadow-fork-1 🚀🚀🚀
It started with some issues because the configuration was not correctly applied to geth (we prevent overriding the mainnet configuration). The configuration is correctly implemented and all nodes are in agreement. We’ll start with some Evil Nodes.
— MariusvanderWijden (@vdWijden) January 23, 2023
Commenting on the fork this morning, Ethereum Foundation developer Marius van der Wijden noted that there have been some minor technical glitches with nodes using the Geth client.
However, the software developer highlighted that the developers managed to fix the bottleneck, with all nodes in agreement at the time of their update.
According to him, the next step now involves testing with “rogue nodes” on both the execution and consensus layers. Van der Wijden explained that evil nodes are those that are designed to spam invalid blocks because they try to include other nodes in the bad chain.
Ethereum’s Shanghai Upgrade to Unlock ETH
As highly anticipated, the Shanghai upgrade will enable the return of staked ether (ETH) tokens, which were locked up following a “merge” with Ethereum last September. Ethereum’s Beacon Chain went live in December 2020 and since then investors have deposited millions of ETH.
According to on-chain data from Glassnode, there are currently over 16.16 million ETH at stake, which is just over 13% of the total Ether supply.
data too shows Over 11.4 million staked ETH was deposited through staking services including Lido, Coinbase and Kraken.
Total 16.101M $ETH bet on #ethereum Proof-of-Stake Beacon Chain (13.4% of circulating).
11.408m of this $ETH Staking is through service providers, which account for 70.86% of the total:
staking service dominance
– Lido: 29.3%
– Coinbase 12.8%
– Kraken 7.6%
– Binance 6.3% pic.twitter.com/5KAymd56tg
— Glassnode (@glassnode) January 22, 2023