Ethereum price after Zhejiang testnet launch

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  • The Ethereum Zhejiang public testnet went live on February 1st as planned.
  • Testnet Shanghai and the Capella upgrade paves the way for the testnet.
  • Ethereum price has responded positively to the launch, maintaining a positive sentiment.

at press time, Ethereum (ETH) price The day after the launch of the Zhenjiang public testnet, it was up 5.80% to $1,672.19 over the past 24 hours.

While the testnet may not have much impact on the price of ETH as it has been in an uptrend since the beginning of 2023, it is important to acknowledge that if the launch went south, it would certainly have had a negative impact on the price .

What next for Ethereum?

The Zhenjiang public testnet is designed to allow Ethereum To test and evaluate the process for users to withdraw staked ETH tokens, and also to test network functionality after the Shanghai upgrade. Users can test validator deposits, familiarize themselves with how BLS is changing, and evaluate user interface navigation without risk.

That said, the testnet is a great indicator of upcoming upgrades and sets the stage for Ethereum to move forward with the next upgrade.

It is also important to acknowledge that the Zhenjiang testnet is the first release for the Ethereum development team after the highly successful merge upgrade Which made Ethereum a Proof-of-Stake (PoS) blockchain.

stacked eth

Currently, there are approximately 16.3 million Ether tokens locked on the Beacon Chain (the Ethereum POS chain). This represents approximately 13.5% of the total ETH circulating supply.

At the current market price, the staked ETH tokens are worth approximately $27.257 billion. Unlocking these tokens will give a huge boost to the Ethereum ecosystem and investors will no longer have to worry about when their ETH and interest will be available for use.

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