Staking Tokens Rally as Ethereum Testnet, “Zhejiang” Goes Online

• The Ethereum network is set to usher in a new era with the launch of the Shanghai upgrade (EIP-4895) allowing users to withdraw their funds as validators as early as March 2023.
• Ethereum migrated from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism on Sep. 15, 2022

Zhejiang Testnet Launches, ETH Prices Soar

The Zhejiang testnet, the first public testnet since Ethereum’s Merge upgrade in September 2022, has launched. The testnet will allow validators to make full withdrawals of ETH, and it is expected to pave the way for the Shanghai and Capella forks.

The launch of the Zhejiang testnet has been met with positive reactions from the crypto community. ETH prices surged by more than 10% in the hours following the announcement, and they are now trading at their highest level in 90 days.

The Zhejiang testnet is a significant milestone in Ethereum’s journey towards full decentralization. It is the first step towards allowing users to withdraw their staked ETH, and it is a sign that the Merge is getting closer.

The testnet will also allow developers to test out new features and improvements that are planned for the Shanghai and Capella forks. These forks are expected to introduce a number of new features, including timestamp-based forking and Warm Coinbase.

The launch of the Zhejiang testnet is a positive sign for the future of Ethereum. It shows that the project is making progress towards its goal of becoming a fully decentralized network.