• Ethereum’s Goerli testnet successfully executed the Shanghai upgrade on 15 March.
• Despite successful processing of transactions, there were some issues with validators not upgrading due to changes in withdrawal credentials.
• The hype around Ethereum is growing as the MVRV ratio increases, indicating that most ETH holders are currently profitable.
Ethereum’s Goerli Testnet Executes Shanghai Upgrade
The much-awaited Shanghai upgrade was executed on Ethereum’s [ETH] Goerli testnet on 15 March. The Goerli network is a decentralized network designed to be a testing and development environment for Ethereum-based decentralized applications. With the upgrade, validators can now withdraw their staked ETH from the beacon chain; at press time, 17583 withdrawals have been successfully processed on the test network.
Issues Emerge But Validator Interest Remains
Despite the successful processing of transactions, there have been some issues raised by validators who did not upgrade due to a significant number of changes to withdrawal credentials. Until press time, developers were unsure whether these issues would exist when they were launched on the mainnet. Nonetheless, interest in validators has remained consistent as the number of active validators increased by 6.35% over the last month according to Staking Rewards data.
Growing Hype Surrounding Ethereum
The excitement surrounding Ethereum has been growing as the Shanghai Upgrade draws near and this is further evidenced by an all-time high of 95,474,490 non-zero addresses reached on 14 March according to Glassnode Alerts data. This could be tempting for ETH holders as increasing MVRV ratio suggests that most addresses holding Ethereum are profitable at press time.
Be Aware Of The Hype
With increasing hype around Ethereum comes a temptation to sell holdings given its high MVRV ratio which could cause selling pressure across all ETH addresses if it continues to rise significantly in coming days or weeks ahead of launch date on mainnet. Therefore it is important for investors and traders alike to be aware of such potential risks before making any decisions regarding their portfolio allocation or trading strategy accordingly.
Check Out The Ethereum Profit Calculator
For those interested in understanding how profitable their holdings might be, they can use an Ethereum Profit Calculator available online at Staking Rewards which will help them understand their current profitability and any potential gains or losses if they decide to sell their holdings before launch date as well as after launch date depending upon market conditions post launch date respectively!