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Ethereum<\/span><\/a> started off as a Proof of Work network like bitcoin. Overtime, it gained a lot of popularity and attention because developers could build decentralized applications (dApp) on it \u2014 something that was not possible with Bitcoin. However, the cost of building and running transactions on the chain became a big concern for the crypto community including builders as the network grew and expanded.<\/span><\/p>\n To address these concerns, several upgrades have been projected including the Merge, Surge, Verge, Purge, and Splurge. The Merge upgrade went live in September, transiting the Ethereum network from Proof of Work to Proof of Stake, but figures show that the projected increase in price of ether didn\u2019t follow. As the other upgrades are expected to be initiated, will there be a considerable increase in the price or ether or plunge?<\/span><\/p>\n Reports<\/span><\/a> show that <\/span>Ethereum<\/span><\/a> Developers plan to carryout the Shanghai upgrade in view of the Surge coming in next year. Shanghai upgrade will allow owners of staked ether to begin to withdraw their ether by activating the <\/span>4895 code<\/span><\/a>. The decision was made at a recent online Ethereum <\/span>All Core Developers Call<\/span><\/a> (ADC).<\/span><\/p>\n Other decisions by Ethereum developers include the implementation of the \u201cEVM Object Format,\u201d aka EOF, in Shanghai. It\u2019s a combination of several EIPs (Ethereum Improvement Proposals) \u2013 EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450 \u2013 which upgrades the Ethereum Virtual Machine.\u00a0<\/span><\/p>\n If the situation changes and the EOF is not initiated by January 5, when the next All Core Developers meeting will hold, the devs agreed to postpone it, so it doesn\u2019t impede the implementation of ether withdrawals.<\/span><\/p>\n In October, the Shandong testnet was <\/span>released<\/span><\/a> to solve the challenge of bugs connected to Shanghai EIPs. The disapproval of the testnet by the community brought about a new proposal to launch another public testnet for Shanghai between December 15 and 16.<\/span><\/p>\n Ethereum blockchain, after the Merge, saw a decrease in energy usage of <\/span>99%<\/span><\/a> while the total value locked on both Optimism and Arbitrum for up to $1 <\/span>billion<\/span><\/a>. The progress made on energy usage is projected to attract institutional usage.<\/span><\/p>\n With what\u2019s happening and projected to happen in the ETH ecosystem, two questions come up as regards pricing \/ ether value.\u00a0<\/span><\/p>\n One, in the future, will the price of ether increase if Web2 institutions build on it? And secondly, as unstaking of ether is initiated in weeks time, are there reasons to be scared that ether will dump?<\/span><\/p>\n What is EthereumFair?<\/span><\/a><\/p>\n Michael Saylor accuses Ripple & Ethereum of Securities fraud<\/span><\/a><\/p>\n<\/div>\nShanghai hard fork and ether withdrawals\u00a0<\/span><\/h2>\n
Ethereum energy usage\u00a0<\/span><\/h2>\n
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