Big Day Is Coming For Ethereum (ETH): What Happens Today?

Ethereum (ETH) The staking testnet Zhejiang goes live today and will offer users a first preview of how the withdrawal process and functionality will look after the Shanghai upgrade.

Ethereum Users Will Be able to Try the Much-anticipated Staking Withdrawals on the Testnet After 6 Days

The testnet, which will go live at 6 p.m. on Wednesday, will not offer users the opportunity to immediately try any of the withdrawal features that will be rolled out in the Shanghai and Capella testnet updates six days later.

Users will be able to try depositing money with validators and get an idea of ​​how the UI will behave.

Users will be able to try out various withdrawal and deposit features six days after testnet launch.

Ethereum Developer Barnabas Busa said that the ETH developer operations team that set up the testnet will make adjustments as needed to improve the overall experience.

The Shanghai hard fork is a highly anticipated event for Ethereum, as it is the first post-Merge upgrade that will allow ETH holders to withdraw their balance. Selini Capital CIO Jordi Alexander said on Twitter that the latest event was watched closely by ETH traders as Ethereum staking could see a massive spike after the Shanghai upgrade:

“After the Shanghai update allows withdrawals, Ethereum staking transactions will explode, especially after Metamask makes these transactions extremely easy.

However, liquid staking tokens are overvalued with this expectation, revenue will not change much as reward returns will decrease as the percentage of staking increases.”

*Not investment advice.

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