Ethereum Shanghai hardfork: New testnet launches on network as these metrics soar

The Ethereum ETH network has come one step closer to the Shanghai hardfork with the launch of a testnet. The testnet, titled Zhejiang, will reportedly serve as a precursor to the eventual launch.

Timeline of Ethereum

The world's second-largest cryptocurrency Ethereum (ETH) has been participating in the broader market rally gaining more than 40% over the last month. On Wednesday, February 1, the ETH price jumped by another 7% and is currently trading at $1675 with a market cap of $204 billion.

According to data from Ultrasound Money, in January, Ethereum's [ETH] supply decreased by 10,145.72 units, resulting in a net deflationary value of approximately $16 million. As of this writing, the current total supply of ETH stood at 120,515,752, with an annual growth rate of -0.012%.

Despite some resurgence in NFT prices and transactions, the ecosystem might still be plagued with some downsides. Bloomberg, in its 31 January update, reported that the DeFiance Digital Revolution EFT, also known as ticketNFTZ, was shutting down.

Ethereum price analysis shows a downtrend that has been in effect since the beginning of today. The ETH/USD pair has decreased by more than 1.22% over the past 24 hours, crashing down to as low as $1,573.

The amount of ETH staked on Ethereum's largest liquid-staking protocol, Lido Finance, has just reached $5 million, according to on-chain's analytics platform, IntoTheBlock. Following the Ethereum Merge, the popularity of liquid staking protocols such as Lido Finance has increased.

Key Points: Vitalik Buterin, the founder of Ethereum, recently released a proposal titled “Can oracles double as co-stakers? How RAI-like systems might safely support staked ETH”.

Blockchain security firm PeckShield identified three wallets that converted 63,860 staked Ethereum (stETH) — roughly $90 million — to Ethereum (ETH) when the stETH/ETH peg dropped to a monthly low between May 2022 and June 2022.

A recent survey by CoinShares, which claims to be “Europe's largest digital asset investment and trading group,” sought to gain insight into the thoughts and actions of professional investors in the digital asset space.

Recent Ethereum price analysis shows that the ETH/USD pair has registered gains of more than 1.02% over the past few hours. The pair opened at $1,567  which was a sign of the bears taking control of the market.

Since the merge, validators have been able to contribute to network security by staking their Ethereum [ETH]. However, the total amount of ETH that has been staked has increased and now stands at a record high.