The second largest crypto asset by market cap, Ethereum have had a busy couple of yers. Starting from the testnets to the completing of The Merge in September 2022 to the testnet preparation of the Shanghai upgrade, also known as the Shapella upgrade; which is due to go live tomorrow; that is, April 12, 2023.
Read more: Ethereum Shanghai Upgrade
It’s happening 🎊
Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 📆
Client releases compatible with the upgrade are listed in the announcement below 👇https://t.co/I0hSv9lnjz
— timbeiko.eth ☀️ (@TimBeiko) March 28, 2023
However, the price of the token of the Ethereum network, ETH, has seen a change in its value in and around the time each of the steps were about to take place. This time around, the CEO of Ether Capital technology company, Brian Mosoff is of the opinion that there might not be a major effect on the ETH price post the Shapella upgrade. He mentioned, “My suspicion is that this is going to be a non-event in terms of price.”
Being one of the biggest announcement since the Ethereum developers announced the date for the Ethereum Merge, the Shanghai Capella upgrade, also known as Shapella, is an upgrade to the network that will be focusing mainly to enable the Ether (ETH) withdrawals from the deposit contract. This will further help the stakers to participate in the Ethereum blockchain’s consensus system.
Interestingly, even though the crypto community is eager for the new development that the Shapella upgrade will bring, experts say that the market sentiment can go both ways following the impending unlocking of that ETH. Given that the deposited ETH was to boost the network security in return for which the stakers recieved rewards; it might lead the crypto space to a rush in order to liquidate and lead to pressure on ETH’s price.
Know more about Ethereum Price Prediction 2023
Mosoff also commented that, “I expect you will see more ETH get locked into staking, either from solo stakers or, again, you’ll see more structured products come to market.” He also thinks that since this upgrade will help the Ethereum network to fully transition onto its Proof of Stake consensus, the network might see a series of new investor joining the ecosystem.
To stay updated on further information about the Ethereum upgrade, keep an eye out for Crypto News.
Source: CoinDesk
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