- According to the latest update, ETH’s Shanghai upgrade is expected to roll out in March 2023.
- ETH development activity has surged since early 2023
of Ethereum [ETH] shanghai upgrade Expected to enter parliament in March 2023 Allows withdrawal of staked ETH.As per the latest developer meeting, This rollout ends the two-year waiting period with validators who can only deposit ETH and not withdraw.
“As the only major code change in Shanghai, staked ETH withdrawals are now being tested in a developer-focused test network. We aim to launch the net and tentatively schedule the mainnet launch for the upgrade in March 2023.”
The developer also assured that they would not move on Additional Ethereum Improvement Proposals (EIPs) from Shanghai stick to the timeline of staked ETH withdrawals.
read ethereum [ETH] Price Forecast 2023-2024
Besides long-awaited EIP-4895 An upgrade that allows validators to unstake ETH, and other improvements are expected. This includes lower gas bills and increased network throughput.
the stakes are high
According to Staking Rewards data, over 16 million ETH have been staked since the Beacon Chain was introduced. This represents 14% of the total supply.
The number of validators has also increased steadily over the past few days. ETH staking revenue increased by 20% after plummeting in mid-December.
Source: Staking Rewards
But Ethereum has lowest Staking rate compared to other big chains. At just about 14%, the altcoin king lags behind other assets such as: Cardano [ADA] When Solana [SOL], exceeded 70%.
Holders see development activity
According to Santiment, development activity has decisively recovered since the beginning of the year, reflecting the platform’s commitment to its goals. Prices clearly follow the rise in development activity.
Source: Santimento
However, the on-chain metric did not complement the growth in development activity, with the network value to transaction (NVT) ratio tracking higher values, according to Glassnode.
This suggests that the coin is overvalued and the market cap does not justify the network activity.The number of transactions has declined after peaking in December.
Additionally, interest in big addresses has leveled off in recent days. This could be due to the prolonged period of low volatility that dominates the cryptocurrency market as a whole.
Source: Glassnode
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Cardano has competitors
Interestingly, Ethereum has received some very sharp bargains by Cardano. [ADA] Founder Charles HoskinsonHoskinson spared no opportunity to mock ETH’s staking algorithm and its ability to allow stakers to withdraw ETH.
I did not notice @ScottAdamsSays I wrote a comic about Ethereum’s staking model pic.twitter.com/tClkRBTfAs
— Charles Hoskinson (@IOHK_Charles) December 23, 2022
Cardano actively tried to position itself as an alternative to Ethereum. Users can withdraw ADA from the staking pool at any time.
