Ethereum

Ethereum developer call: All about Deneb upgrade, ETH staking, and more

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2 years ago

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  • Ethereum’s developer call tackled new areas in development for the ETH network.
  • Sentiment towards Ethereum remained positive.

The Ethereum [ETH] network is known for being a dynamic and constantly evolving ecosystem, and its developers are always working to improve it. Recently, on 7 April, the network’s consensus developers held their weekly call to discuss several pressing issues related to Ethereum’s functionality and performance.

Read Ethereum’s [ETH] Price Prediction 2023-2024

What’s new with Ethereum?

In the call, Ethereum’s developers discussed the Deneb upgrade progress and MEV-Boost software releases on their weekly call. The Deneb upgrade is the next upgrade after Capella.

Meanwhile, the Capella upgrade, set for 12 April, will enable staked ETH withdrawals. The Shanghai upgrade will activate simultaneously on the mainnet. The developers also launched their third mainnet shadow fork. This would to test the final client software versions for both upgrades. Fortunately, it went smoothly.

Chris Hager from the Flashbots team gave an update on the MEV-Boost releases, which were created in response to a rogue validator stealing MEV from searchers. Two significant changes were pushed to the MEV relay software, causing an increase in the number of orphaned blocks.

The developers agreed that more monitoring and collaboration with relay operators were necessary to identify and analyze data. The developers also stated that more security research on the MEV-Boost codebase was needed, and a coordinated bug bounty program was suggested.

The sentiment around ETH

Amidst all the uncertainty before the upcoming Shanghai/Shapella upgrade, the sentiment around Ethereum remained positive at press time. On 7 April, Crypto exchange firm OKX conducted a survey

amongst crypto users, according to which 63% of respondents predicted that ETH would hit a record high of over USD5,000 by the end of 2023.

This positive sentiment around ETH may help in gauging retail behavior in terms of ETH in the future.

What’s at stake?

As the Shanghai Upgrade gets closer, the behavior of users who have staked their ETH on the beacon chain will impact Ethereum.

Realistic or not, here’s ETH market cap in BTC’s terms

According to data provided by Flipside Crypto, there’s 19.2 million ETH locked in the beacon chain. Out of which, a majority of stakers hold between 0-2 ETH. In the last 24 hours, each validator on the beacon chain has earned an APY of 3.7%.

Only time will determine how these stakers will react after they unstaking their holdings following the Shapella Upgrade.

Source: Flipside Crypto

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