Ethereum’s Shanghai Upgrade is Just Some Hours Away; Twitterati Cannot Keep Calm

The price of ETH has reached its nine-month high price point of $1,861 (roughly Rs. 1.52 lakh) as of Wednesday, April 12.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 12 April 2023 18:47 IST

Ethereum’s Shanghai Upgrade is Just Some Hours Away; Twitterati Cannot Keep Calm

Photo Credit: Unsplash/ Shubham Dhiman

Ethereum’s last major upgrade called the Merge was completed last year that made it energy efficient

Highlights

Ethereum is considered the world’s most commercialised blockchain
Developers are trying to finetune the network
Experts advise Ethereum users to exercise caution

Ethereum's second major update named Shanghai is just some hours away from being completed on the blockchain. It is estimated that ETH tokens amounting between $22.38 billion (roughly Rs. 1,82,520 crore) and $33 billion (roughly Rs. 2,70,900 crore) are currently staked on the blockchain. The Shanghai upgrade will let people withdraw their staked Ether, bringing more liquidity to the network. Ethereum developers, after months of thorough testing, are finally deploying the upgrade, in the backdrop of which ETH has reached its nine-month high price point of $1,861 (roughly Rs. 1.52 lakh).

Ethereum is set to complete this upgrade on Wednesday, April 12. In the backdrop of this development, the crypto community has flooded Twitter with memes and predictions of ETH taking over Bitcoin.

Gm :sunny:
Ethereum Shanghai upgrade today, let's celebrate with some Vitalik Dancing :man_dancing: pic.twitter.com/9jIolzw1GE
— Lore (@lore37_) April 12, 2023

$ETH may outperform $BTC post-#Shanghai hard fork.

Market treating this upgrade as a bad news event, with traders hedging pre-news & likely buying back after.

In short, it is inverse of ETH 2.0 fork last September.

Check out the chart for more details! :chart_with_upwards_trend::rocket::mag: pic.twitter.com/OqOfmQMwCZ
— Degen Ape Trader (@oesnetwork) April 11, 2023

The Shanghai Upgrade is happening today.

6 months after The Merge, Ethereum is changing again, and the price may be affected.

Here is everything you need to know in 2 minutes: pic.twitter.com/2cVBQ7gKBY
— MooMs (@Moomsxxx) April 12, 2023

“The Ethereum Shanghai upgrade has the potential to massively affect the blockchain industry, especially liquid staking providers on the Ethereum blockchain. Once the upgrade is complete, I predict many investors will turn to liquid staking as it allows them to use liquid staking derivatives on other DeFi networks without having to give up their staking yields,” Ilya Volkov, CEO of and Co-Founder of YouHodler told Gadgets 360. YouHodler is a Swiss-based international fintech platform providing a variety of Web3 crypto and fiat services.

Volkov has strongly suggested investors and traders engaging with Ethereum at the time to expect volatility in the coming days.

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“Investors and traders should not quickly buy into market emotions following the Shanghai upgrade, regardless of the outcome. Consider your risk tolerance and be sure you have a healthy, diversified portfolio,” she noted.

Following the completion of this upgrade, experts believe, the blockchain could suffer some glitches and instability.

“Shanghai Upgrade can expose users to a number of scams, specifically phishing attacks involving fake wallet or staking services or in the form of false promises of guaranteed high returns on staked ETH,” the team of security experts behind Trustcheck, a Web3 end-user security software, said in an email to Gadgets 360.

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Ethereum developers paved the way for this development with a major upgrade called the ‘Merge' last year, which ditched energy-intensive mining and moving to a Proof-of-Stake (PoS) system where ether owners lock up 32 coins to check new records on the blockchain, earning new Ether on top of their staked coins.

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Further reading: Cryptocurrency, Ethereum, Shanghai Upgrade

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More