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Ethereum Zhejiang testnet goes live; Is ETH on the verge of a huge rally?

Ethereum Zhejiang testnet goes live; Is ETH on the verge of a huge rally?
Paul L.

Following the Merge upgrade that transitioned the Ethereum (ETH) blockchain to the proof-of-stake (PoS) protocol, the network’s development activity is entering a new stage. 

Indeed, the Ethereum staking testnet dubbed Zhejiang is set to go live today, February 1, allowing users to trial the staked ETH withdrawal, the platform’s developer Barnabas Busa said in a tweet on January 31. 

Notably, once the testnet goes live, users will not be able to try out the withdrawal features implemented in the Shanghai and Capella upgrades that will be triggered six days later.

“The Zhejiang public testnet is going live tomorrow (February 1 15:00 UTC, 2023). Shanghai+Capella will be triggered 6 days later (at epoch 1350). You will be able to deposit validators, practice BLS change and exit without risk,” Busa said.

At the same time, the developers are planning to use the testnet’s outcome to monitor the mass use of such features and resolve any potential issues arising. 

Ethereum community anticipating the Shanghai hard fork

It is worth noting that the Ethereum developers are projecting to unveil the Shanghai hard fork by March. In this line, the Zhejiang testnet will showcase all Ethereum Improvement Protocols (EIPs) slated for the Shanghai upgrade. 

Once the Shanghai hard fork goes live, it will mark the first major post-Merge upgrade on the network. Notably, the event is highly followed in cryptocurrency over the potential to influence ETH’s value.

Furthermore, the tetsnet is likely to be monitored closely, considering many organizations and crypto exchanges anticipate managing billions of dollars from the ETH staking activity. For instance, banking giant JPMorgan (NYSE: JPM) recently suggested that crypto exchange Coinbase might be among the biggest beneficiaries of the staking. 

Analysts at the lender projected that Coinbase could earn about $500 million in annual revenue once the Shanghai upgrade goes live. 

Ethereum price analysis

In the meantime, the price of Ethereum is consolidating below $1,600 after recording steady gains in 2023 to surge by about 30%. By press time, the asset was valued at 1,571, gaining by about 0.1% in the last 24 hours. 

Ethereum seven-day price chart. Source: Finbold

The asset currently controls a market cap of about $192.24 billion. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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