Ethereum Successfully Launches Testnet Ahead of Shanghai Hardfork
25. January 2023
• The Ethereum core developers have announced the successful deployment of the first mainnet shadow fork.
• This test successfully previewed the upcoming Ethereum shanghai upgrade.
• The Merge event in September 2022 transitioned Ethereum into a complete proof-of-stake system.
The Ethereum core developers have announced the successful deployment of the first mainnet shadow fork, a full dress rehearsal of system upgrades designed to test the readiness of the withdrawal capability for ETH staking. This test successfully previewed the upcoming Ethereum shanghai upgrade, the first major upgrade in the Ethereum ecosystem since its historic Merge event in September 2022.
The Merge event marked a major milestone in Ethereum’s history, transitioning the blockchain into a complete proof-of-stake system. This allowed users to stake their ETH to validate blocks, earn rewards, and take part in governance decisions. Following the Merge event, the Ethereum community has been eagerly awaiting the Shanghai hardfork, which is scheduled to take place by the end of February.
The successful launch of the testnet means that Ethereum is still on schedule to deliver the withdrawal features five to eight weeks from now. This will unlock $26 billion worth of staked ETH in the market and provide users with the opportunity to earn rewards from staking. This hardfork is also expected to bring several improvements to the Ethereum network, such as new on-chain governance mechanisms, improved scalability, and more.
It is important to note that the mainnet shadow forks are not the same as the actual hardfork. The shadow forks are designed to test the readiness of the system, while the hardfork itself is designed to bring major changes to the Ethereum network. With the successful launch of the testnet, Ethereum developers are confident that the hardfork will be successful and that users will be able to benefit from the improvements it will bring.