by Gunay Caymaz
Investing.com – The developers have reported that the Shanghai update, one of the network’s planned updates, will only focus on blocked Ethers withdrawals.
With the Shanghai update, unlocked funds will be released from validators on the Ethereum network. If all goes well, the update will take place in March, and thus, the worry of accessing blocked Ethers on the sidechain, which caused a question mark in the mind after the Merge update, will go away.
In the current roadmap, for a Shanghai launch in March, developers must launch a public testnet by the end of February.
Receiving platforms attract attention before the Shanghai Upgrade
At the end of 2022, developers have set a date for the next major upgrade of Ethereum, which has fueled interest in platforms that provide betting services on the network.
The launch of ETH on the Ethereum sidechain, the Beacon Chain, has once again increased confidence in the second largest blockchain in the crypto market. On the other hand, market commentators see this development as very positive for the development of liquid betting platforms that offer better incentives and rates of return.
What are the advantages of liquid staking platforms?
Instead of betting directly on the Ethereum network, these platforms offer a flexible way to earn without the prerequisites of lower collateral values. In the current situation, the fact that the blocked funds will be opened for trading after the Shanghai Modernization has also increased confidence in these platforms.
Each of these platforms, which provide net betting services, also has local betting assets that provide additional income. The value of these crypto assets continues to rise as the demand for the protocols increases.
Lido DAO, which currently holds the largest share among these protocols, has 4.8 million stakes, which is equivalent to 30% of all ETH stakes. The platform governance token is one of the cryptocurrencies that has benefited the most from this acceleration in recent weeks. After experiencing a sharp decline from August to mid-December, after scheduling the Shanghai Update, LDO changed direction and gained 200% from the low of $0.87 to $2.64 in one period. After seeing a correction to $2, LDO has stabilized at this level this week, reversing most of the losses from the recent downside momentum.
Local assets on platforms such as, and operating in the same sector, as well as Lido, have gained significant upward momentum.
Latest on Ethereum
While major network-related developments loom, the cryptocurrency continues its trajectory with partial gains in recent days. At the same time, Ethereum is getting better every day with the new year.
After seeing a critical resistance close just below $1,300 with a 7.5% gain last week, Ethereum has continued its bullish momentum this week, reaching towards the $1,340 range. Ethereum finds buyers at $1,330, up 1.5% today.