Ethereum Merge Just the Start; Shanghai upgrade in 2023 and more

long awaited Ethereum The merge was the biggest achievement of the network in 2022, but there are still proposals and upgrades to compete in 2023.

The Ethereum Foundation and research team are addressing emerging issues and advances in the Maximum Extractable Value (MEV) domain, according For a compilation by ethereum.

Ethereum mainnet transition -proof-of-stake (PoS) was the highlight of the year. But there is still a lot that the team hopes to achieve in the coming year.

Ethereum made the PoS transition in September, reducing its energy requirements by roughly 99%.

EIP is scheduled for 2023

Vitalik Buterin’s multidimensionality EIP-1559 Proposal Queued up for implementation in 2023. As a follow-up to the London hardfork, the plan addresses gas reforms to combat excessive transaction fees. Stakers can also see a withdrawal feature introduced through a consensus-layer upgrade introduced through Capella. The upgrade will allow Beacon Chain withdrawals to execution layer accounts. Ethereum acknowledged that the capability is now undergoing testing.

Beaconcha.in reports That 15.7 million ETH is currently around 13% of the total supply.

As an extension of the Capella upgrade, Ethereum also said it is working on EIP-4844 or proto-danksharing To scale up the network in the coming year. there is a network for Collection Public contribution by January 31, 2023. network upgrade expected In three weeks after the last contribution.

Thus, the significant Shanghai upgrade, scheduled for March 2023, qualifies as a substantial upgrade package composed of five EIPs.

According to the Ethereum Foundation,

“Withdrawals will eventually complete the merge, enable collecting staked ether and accumulated rewards, while the EOF task will enable a cleaner internal organization of smart contracts, simplify compiler work and also enable some more advanced features to be implemented.” Will do.”

Henrique Santiero, Senior Research Manager at HashKey Capital, believes that“With the successful launch of Merge, the staking ETH withdrawal capability is clearly becoming the top of the core developer’s focus and priority for the upcoming Shanghai upgrade.”

Network aims to reach a critical milestone for scalability while scaling security and its Solidity language. Ethereum released six Solidity revisions in 2022, and a developer survey is underway for January 2023.

ETH Price Remains Sluggish Despite a Busy New Year

Despite having several reform packages Ethereum has a busy schedule, Its price does not really reflect the enthusiasm. At press time, ETH is hovering just below the $1,200 price point, having posted a 69% loss since the start of 2022.

ETH price chart by BeInCrypto
by ETH price chart BeInCrypto

This happens even as Ethereum has completed one-fourth of its highly anticipated merge. According to BeInCrypto AnalysisETH price may continue to decline in the near future.

Coinglass estimates that $7.69 million was liquidated across all exchanges today. The technical signal also means that the current level of support may be lost. However, some analysts also expect ETH to continue to outperform if the new year sees a rally in the altcoin market Bitcoin as the market scuffle resides.

Ethereum liquidation via Coinglass
via ethereum liquidation coin

Ethereum, however, continues to rule DeFi Sector. With over 620 decentralized finance protocols, ETH has the largest total value locked (tv lines) $22.88 billion of any series.

Blockchain TVL as calculated by DeFiLlama
Calculated by Blockchain TVL DeFiLlama

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