Ethereum Announces 2nd Testnet for Shanghai Hard Fork

Developers Ethereum built a testnet new to prepare for the Shanghai upgrade scheduled for March 2023.

Ethereum on 12/01 released the second testnet for the Shanghai hard fork, the upgrade will unlock a large amount ETH is being kept in the staking contract of Ethereum 2.0.

New testnet was deployed for testing and debugging in Shanghai's code. In addition, the ETH team plans to conduct a test hard fork on this testnet to see if there are any other problems.

And yet, they do not rule out the possibility that they will open another public testnet at the end of February for ETH staking projects to try to integrate and ensure that the upgrade and subsequent ETH staking deposit/withdrawal will go smoothly. .

The reason Shanghai is getting so much attention is because it will include the EIP-4895 proposal, which will allow those who have participated in staking ETH into the Ethereum 2.0 contract to withdraw funds, as well as staking rewards. Ethereum has opened a staking contract ETH 2.0 from November 2020 to serve The Merge. As of the time of writing, the amount locked in here is more than 15.9 million ETH, worth 24.8 billion USD.

Shanghai will be Ethereum's first major upgrade after The Merge - the historic event that changed the consensus algorithm from Proof-of-Work to Proof-of-Stake in September 2022.

In addition, in the fall of 2023, Ethereum may conduct another upgrade called EIP-4844 implementation, which will enable the proto-danksharding mechanism to increase processing throughput and reduce transaction fees on the solutions. Layer-2 method of rollups of Ethereum.