Breaking: Ethereum Shanghai Upgrade Live On Sepolia For ETH Withdrawals

Ethereum Shapella (Shanghai/Capella) network is successfully activated on the Sepolia testnet at epoch 56832 at the scheduled 4:04 AM UTC and finalized at 4:17 AM UTC on February 28. It enables validators to withdraw their stake from the Beacon Chain back to the execution layer and introduces new functions to the execution and consensus layers.

Ethereum developers and clients shared the news on Twitter announcing the Shapella network is live and finalized on the Sepolia testnet. The next upgrade will be on the Goerli testnet and then on the mainnet, finalizing the Shanghai upgrade.

Ethereum Shanghai upgrade anticipated in March will fully transition Ethereum to proof-of-stake (PoS) and enables the withdrawals of Ethereum staked on the Beacon Chain. The Sepolia is the second of the three testnets planned to trigger the Shanghai upgrade. The first Zhejiang testnet upgrade was successfully completed on February 7.

Ethereum developers Tim Beiko and Parithosh took to Twitter to share the successful Sepolia Shapella upgrade.

Terence.eth, an Ethereum developer working on Arbitrum, revealed that some of the Prsym validators failed to upgrade to new client releases and are offline due to using the old Geth version. However, these validators will come online after a few minutes.

Marek Moraczynski, team lead at Ethereum client Nethermind, also took to Twitter to share the interesting news of successful Sepolia Shapella activation by the Ethereum Foundation developers.

Meanwhile, Ethereum Foundation has announced to shut down the Goerli testnet after the Shanghai upgrade. It will follow with the Holli or Holesovice testnet, expected in September this year.

Ethereum Price After the Shanghai Upgrade on Sepolia Testnet

Ethereum price is currently trading at $1,627, continuing to move in a range above the $1,600 level. The 24-hour low and high are $1,615 and $1,662, respectively. Furthermore, the trading volume has increased by 15% in the last 24 hours, indicating a slight increase in interest.

The ETH price action has lost pace amid the fear of hawkish rhetoric from the U.S. Federal Reserve. The broader crypto market has also continued to be under pressure and is expected to bounce next month.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.