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Market Analysis Report (01 Feb 2023)

Date:

Ethereum’s developers are set to launch a new testnet called “Zhejiang,” allowing users to start testing Ethereum Improvement Proposal (EIP) 4895, which enables staked ether withdrawals, which will be included in the network’s next large upgrade, the Shanghai hard fork.

Testnets are duplicates of the main blockchain that allow developers to test upgrades and applications in a live environment without risking the main blockchain itself. The new testnet will provide the staked ether withdrawals on February 7, and will launch at 15:00 UTC today, February 1.

Before being able to withdraw staked ether, testnet users will be able to deposit ETH to validators, so that it can be withdrawn next week. These are testnet tokens with no real value.

The Zhejiang testnet was introduced following the deprecation of the Shandong testnet, as it included EIPs related to EVM Object Format (EOF) that developers agreed will not be included in the Shanghai upgrade.

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