Ethereum Sets Date For Shanghai Upgrade On Sepolia Testnet; Over $488M Of ETH Transferred To Coinbase

The Ethereum ETH/USD Foundation has announced Feb 28. as the launch date for moving the Sepolia test network (testnet) through the Shanghai upgrade. 

The Ethereum team said that Sepolia would be the second network to undergo such an upgrade, reports Coindesk.

Following the Zhejiang testnet, which allows the simulation of staked ETH withdrawals, one more test network will be upgraded before the main Ethereum blockchain is expected to undergo the Shanghai hard fork, which will take place in March.

According to the report, the Sepolia testnet is closed to developers who run validators on the network. After the Sepolia testnet, Goerli (the largest public ETH testnet) will be the final testnet to get the Shanghai upgrade.

Coindesk quoted Barnabas Busa, one of the DevOps engineers at the Ethereum Foundation, saying that the difference between the three tests comes down to “the number of visitors participating and network load.”

Earlier in a blog post, the foundation announced that the Shapella fork on the Zhejiang testnet is live and available for stakers and users to test. 

Shapella refers to two Ethereum upgrades, Shanghai and Capella. This allows withdrawals on the execution layer and enhances the Beacon Chain consensus layer.

Also Read: Ethereum Falls Below This Key Level; Neo Emerges As Top Gainer

“Shapella contains many features, but most importantly to stakers and the consensus-layer is the enabling of withdrawals. Full withdrawals will be available for exited validators, whereas partial withdrawals will be available for active validator balances over 32 ETH,” the Ethereum team said in the blog. 

Meanwhile, Whale Alert has reported that Ethereum holders relocated 323,430 ETH worth $488.67 million on Saturday from unknown wallets to Coinbase Global Inc COIN.

According to the Whale Alert report, 149,999 ETH, worth $226.29 million transferred from a wallet of unknown origin to Coinbase. The second transfer from a wallet of unknown origin was also 149,999 ETH worth $226.29 million. A third transfer was 23,432 ETH worth $36.09 million also moved to the exchange.

At the time of writing, ETH was trading at $1,527, up by 1% in the last 24 hours, but down by 7.2% in the past seven days.