On March 28, the trading price of Ethereum (ETH) recorded a major boost, which reportedly pushed the asset’s price higher.
This happened because the development teams at Ethereum made a major announcement pertaining to the implementation of their upgrade.
Ethereum Team Announced Shapella
The entire Ethereum community rejoiced as the support teams for the Ethereum protocol made an announcement about the new mainnet implementation.
The teams reportedly announced that the deployment for the Shapella mainnet will be implemented on April 12. In just two weeks, the new upgrade will be implemented by the Ethereum team.
For those getting confused by the term Shapella, it is the Shanghai upgrade that has been given a new name.
With the implementation of the new upgrade, more changes will be implemented to the Engine API, the consensus layer (Capella), and the execution layer (Shanghai).
It is just a day after the teams were able to carry out the transition of the Goerli testnet. They confirmed that the transition was smooth and without any problems.
The teams are also determined to deploy the new upgrade without any flaws or bugs. Therefore, they have made an exciting announcement for the bug hunters.
According to the Ethereum teams, the bounty rewards for finding the bugs in the protocol have been doubled. The double-reward rule has been implemented until April 5.
This is a great opportunity for those wanting to find the vulnerabilities in the Shapella network before its mainnet is launched.
Ethereum Clients Brace for the Implementation
The teams at the Ethereum network have provided clarification on the upgrade. They have confirmed that once the new upgrade has been implemented, the validators will be able to withdraw their stakes.
It has been revealed that it is the Beacon Chain where the users had locked their stake. They will be able to withdraw them to the execution layer from the Beacon Chain.
The upgrade is also going to prove very useful for the consensus and the execution layer. Their functionalities will be enhanced as well as the upgrade will add new functionalities to these layers respectively.
The teams were excited to share that most of their major clients have started to support the Shapella upgrade. These clients include Teku, Prysm, Nimbus, Lodestar, and Lighthouse.
A viewing party will be held for the implementation of the new upgrade as well. The entities involved in hosting the party include the Ethereum Cat Herders and EthStaker.
Current Stake on the Beacon Chain
As of now, the Beacon Chain has a tremendous number of ETH tokens staked on its protocol. According to the latest details, the tokens being held on the particular protocol are 17.9 million ETH.
The on-chain data tracking firms have revealed that the total value of these ETH tokens is around $32 billion. It is important to mention that the 17.9 million ETH accounts for 15% of the overall ETH supply that is currently in circulation.
Outlook for ETH Price
Due to recent developments, the trading price of ETH has witnessed significant gains. The data shows that in the past 24 hours, the trading price of ETH has recorded a 3.8% surge.
The data from CoinGecko has confirmed that after the surge, the trading price of ETH went to a high of $1,780.
Even at the time of writing, the trading price of the asset is trading around the same level. According to the analysts, the investors are in high spirits and they may continue supporting the trend to push the asset’s price higher.
They will continue pushing the asset’s price higher and from the looks of it, they are targeting $1,800. If the strong momentum stays put and more investors join the bullish trend, then ETH may surge to the targeted level.
Keeping in mind the current price of ETH, it is still 63.5% lower than its all-time high value, which was recorded back in November 2021 to be $4,878.
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