Following a successful deployment of the Proof-of-Stake (PoS) consensus mechanism via the Merge event, the Ethereum network is readying to introduce other system updates via the Shanghai upgrade. As the second most valuable blockchain network by market capitalization, Ethereum’s upgrades are given more attention due to the sheer amount of locked assets.
According to data analytics provided by DefiLlama, the Ethererum network is leading in total value locked (TVL) with approximately $31.3 billion. BSC then follows Ethereum with a TVL of $5.88 billion. However, stakers in the former’s blockchain cannot withdraw their staked assets until the Shanghai upgrade clocks in.
Following the recent crypto volatility that began earlier this week, Ethererum (ETH) is trading around $1,560.13, up 19 per cent in the past two weeks. The ETH network has a market capitalization of approximately $188,068,363,617, with a 24-hour trading volume of around $17,478,303,519.
Market strategists closely monitor ETH prices following the subsequent system upgrade geared towards maintaining its smart contract kingship. Moreover, competing blockchains like BSC, Solana, and Cardano have been dubbed as Ethereum’s killers.
Bigger Picture on the Ethereum’s Shanghai Upgrade
The Ethereum developers discussed the upcoming Shanghai upgrade at the 147th Ethereum Core Devs Meeting (ECDM) on September 15. However, the potential Ethereum improvement proposals (EIPs) in the Shanghai upgrade began months before. Nonetheless, changes will likely come up to the improvement proposals as discussions continue across various social media forums, including GitHub.
According to Ethereum core developer Tim Beiko, over ten technical issues are expected to be handled through the Shanghai upgrade.
“In ACD131 …. EIPs 3540, 3670, and 3860 were considered high priority and moved to CFI for Shanghai (PR). Beyond these, any change that could benefit Ethereum’s scalability was considered a high priority. The main options now are introducing blob-carrying transactions or, if too complex, EIP-4488-style CALLDATA cost reduction. Additionally, an EIP to specify Beacon Chain withdrawals is expected soon,” Beiko previously noted.
This list of EIPs in Shanghai upgrade has, however, been reviewed and has significantly declined.
Following Ethereum’s successful migration to the PoS via the Merge event, the network has significantly evaded regulatory checks accompanying PoW blockchains like Dogecoin and Bitcoin.
With the Shanghai upgrade around the corner, the Ethereum network is expected to attract more institutional investors seeking to operate both short and long-term staking. Furthermore, staked assets will be available for systematic withdrawals.
However, the Ethereum network is far from attaining the most affordable for developers and users. Moreover, transaction fees are relatively higher than competitive smart contract blockchains.
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