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Ethereum launches first ‘shadow fork’ for the Shanghai upgrade

Developers will follow up with more shadow forks ahead of the Shanghai upgrade. The Shanghai upgrade will allow for withdrawal of staked ETH Over 16 million ETH have been locked since Ethereum began the transition from proof of work to proof of stake chain. Ethereum developers have managed to deploy the first “shadow fork” of […]

The post Ethereum launches first ‘shadow fork’ for the Shanghai upgrade appeared first on CoinJournal.

  • Developers will follow up with more shadow forks ahead of the Shanghai upgrade.
  • The Shanghai upgrade will allow for withdrawal of staked ETH
  • Over 16 million ETH have been locked since Ethereum began the transition from proof of work to proof of stake chain.

Ethereum developers have managed to deploy the first “shadow fork” of the upcoming network upgrade Shanghai.

According to an update from one of the developers, the shadow fork for the highly anticipated upgrade executed at around 5:40 am ET on Monday 23 January 2023. As a copy of Ethereum’s mainnet, the fork is a feature that offers an environment in which developers can test code before it deploys on the public blockchain.

While commenting on the fork this morning, Ethereum Foundation developer Marius Van Der Wijden noted there had been some minor technical glitches with nodes using Geth clients. 

However, the software developer highlighted that developers managed to fix the hitches, with all nodes being in agreement at the time of his update.

According to him, the next step now involves testing with “evil nodes” on both the execution and consensus layers. Evil nodes are those designed to spam invalid blocks as they attempt to trick other nodes into joining the bad chain, Van Der Wijden explained.

Ethereum’s Shanghai upgrade to unlock staked ETH

As highly anticipated, the Shanghai upgrade will enable withdrawals of staked Ether (ETH) tokens, which remain locked following Ethereum’s “Merge” in September last year. Ethereum’s Beacon Chain went live in December 2020 and investors have deposited millions of ETH since.

According to on-chain data from Glassnode, more than 16.16 million ETH is currently staked, accounting for just over 13% of the total supply of Ether. 

The data also shows that more than 11.4 million of the staked ETH was deposited via staking services, including Lido, Coinbase, and Kraken.

The post Ethereum launches first ‘shadow fork’ for the Shanghai upgrade appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens

FLOKI’s price has rallied by over 100% in the past week. It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal. The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens. The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and […]

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

  • FLOKI’s price has rallied by over 100% in the past week.
  • It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal.
  • The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens.

The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. As reported in our earlier news, the proposal was opened for voting on January 27 causing significant price movements immediately after it was announced.

The voting proses was concluded on January 29 with 99.97% of the participants voting in favour of the proposal.

Screenshot of how Floki Inu DAO voted. Source: snapshot.org

 The price of FLOKI token has surged slightly because of the news, with the token gaining about 8% at press time to trade at $0.00002415.

What next after approving the proposal?

According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are:

  • The original Floki cross-chain bridge.
  • The 3% tax on the FLOKI token.

The proposal sought to have the original cross-chain bridge disabled and the tokens in the bridge burned since the bridge posed some vulnerability threats. Floki Inu narrowly dodged a bullet last year when the cross-chain bridge was briefly exploited forcing the team to quickly disable the bridge to limit the exploit’s impact.

Now that the DAO has voted to pass the proposal, the team will go ahead and disable the main cross-bridge and embark on burning the FLOKI tokens that were in the bridge. The 3% buy and sell FLOKI transaction tax will also be drastically reduced to a 0.3% tax which is the default tax/fee on most decentralized exchanges like Uniswap (UNI/USD).

On timelines, the FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on February 3, 2023, while the 4.97 trillion tokens will be permanently burnt at 8 PM UTC on February 9, 2023. As of the price of FLOKI today, the planned token burn is worth about $100 million.

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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