- Goerli’s testnet saw a drop in engagement rates.
- Over 15% of the total circulating supply of ETH was frozen at press time.
Highly expected shanghai update Also called Shepela, which will allow you to withdraw withdrawals Ethereum (ETH) The mainnet release date has finally been found as decided during network Calling all core developers.
Much to the relief of stakeholders, Ethereum developers reached a consensus that April 12 would be the hard fork date after lead developer Tim Beiko proposed three dates for the month.
Earlier this week, the Shepela update ran on the Goerly testnet, the last dress rehearsal before the mainnet launch. Prior to Goerli, Spolia’s testnet was successfully updated to simulate a hard fork.
However, the latest on Goerly saw a drop in engagement rates as the validation nodes were not updated. One possible reason could be due to less incentive to run validation nodes in the testnet environment, since light on By Tim B.
Deposits are being processed (https://t.co/CxYtPcGMCp), but it seems that many validators have not been updated. Looking at it 👀
One challenge with testnet validators is that the more inactive the ETH is, the less incentive there is to run/monitor a validator.
– timbeiko.eth (@TimBeiko) March 14, 2023
Reading Ethereum (ETH) Price Prediction 2023-2024
Ethereum Stake Ratio Increases
According to Glassnode data, there has been a steady increase in engagement activity. At the time of writing, there are more than 17.6 million ETH locked in smart contracts on the network, which is a 6% increase from the previous month.
At the same time, the total number of validators in the network reached 560,550, showing a similar 30-day growth trajectory.
However, the growth in the number of new ETH has slowed significantly after witnessing a massive jump on February 25. This can be attributed to the delay and uncertainty regarding the official date of the Shepela update.
According betting rewardsThe stake ratio, or the percentage of eligible ETH tokens that were being staked, increased to 15% at the time of writing.
investors give the go-ahead
With the formal date for the Shanghai update revealed, trading activity on the platform has picked up significantly. According glass nodeaverage volume of transactions A 3-month high was reached at $8,952.89.
📈 #etherium $ETH Average volume (7d MA) hit a 3-month high of $8,952.89
View metrics: pic.twitter.com/8hnsm0l6P1
— Glassnode Alerts (@glassnodealerts) March 16, 2023
Investors also liked the announcement as the uptrend strengthened. According to CoinGlass, the number of long positions for ETH increased, indicating further consolidation.
Source: Coinglass
At the time of writing, ETH was trading at $1,723.98 with a 4.3% jump in the last 24 hours. coin market cap.
how much is 1,10,100 ETH is worth today?
However, the road after the update will be a bit bumpy. recently, coin baseLargest US Cryptocurrency Exchange Says They Expect High Demand for Upgrade and Subsequent Withdrawals Applications can take weeks or months to process.
