- Just as planned, the Ethereum Zhejiang public testingnet went live on February 1.
- This testnet opens the door to the Shanghai and Capella upgrade testsnets.
- The launch has been a success and the Ethereum price is showing positive sentiment.
The Ethereum (ETH) market price was $1672.19 at press time. This is 5.80% higher than the previous 24 hours, a day after Zhenjiang’s public testnet launch.
The testnet might not have any impact on the price ETH as it has been rising since 2023. However, it is important for investors to understand that if launch was delayed, this would certainly have a negative effect on the price.
What is next for Ethereum
The Zhenjiang public testing network is intended to let Ethereum users test and evaluate the withdrawal process for staked ETH tokens. It also allows them to check the network functionality following the Shanghai upgrade. Validator deposits can be tested, users can learn how to change BLS and the user interface navigation can be evaluated without risk.
However, the testnet provides a great indicator for the upcoming upgrades. It also sets the stage for Ethereum to move forward with its next upgrades.
It is important that we also acknowledge the fact that the Zhenjiang Testnet is the first release by the Ethereum development group since the Merge upgrade which made Ethereum proof-of-stake (PoS).
Stripped ETH
At the moment, 16.3 million Ether tokens are locked onto the Beacon Chain (Ethereum PoS) chain. This is about 13.5% total ETH circulating supply.
The current market value of staked ETH tokens is $27.257 billion. This will provide a significant boost to Ethereum’s ecosystem. Investors will no longer have to worry about when their staked Ethereum and interest will become available.
