On Wednesday, Ethereum (ETH) accomplished a remarkable eight-month high of about $1,925, driven by the anticipation of an upcoming Shapella upgrade.
On Wednesday, the price of Ethereum (ETH) hit an astonishing eight-month high of over $1,925 on the Bitstamp exchange, maintaining its current winning streak. The price spike was mostly driven by the upcoming Shapella network upgrade, a significant event in Ethereum’s ongoing evolution.
Shapella, also known as the Shanghai upgrade, signifies the completion of the transformation of the second-largest blockchain to a proof-of-stake (PoS) consensus mechanism.
The switch from the energy-intensive proof-of-work (PoW) approach is anticipated to enhance Ethereum’s energy efficiency, reduce the cost of transactions, and improve its overall scalability.
Following September’s Merge upgrade, this big upgrade will enable users to withdraw staked Ether for the first time since the last update. On April 12, Shapella will launch on the Ethereum network.
In addition to the switch to PoS, the upgrade will implement shard chains, which are intended to share the network’s data processing workload, thereby enhancing its capacity and performance.
Prior to the change, the Ethereum Bug Bounty for vulnerabilities linked to Shapella has been boosted till April 5. The initiative aims to encourage security experts and researchers to find and resolve any potential vulnerabilities prior to the implementation of the Shapella upgrade.