Crypto's Ethereum Blockchain Completes Its Key Shanghai Software Upgrade

The Ethereum blockchain, the most important commercial highway in the digital-asset sector, successfully implemented a widely anticipated software upgrade. From a report: The so-called Shanghai update enables investors to queue up to withdraw Ether coins that they had pledged to help operate the network in return for rewards, a process called staking. Tim Beiko, who helps to co-ordinate the development of Ethereum, posted on Twitter on Wednesday that the upgrade is now "official." The network revamp -- also known as Shapella -- is designed to let people exit an Ether staking investment and has stirred debate on whether the appeal of the largest token after Bitcoin will increase over time. "Ethereum is updating and navigating with great skill -- so far anyway -- and cementing its position as the No. 2 crypto," said Aaron Brown, a crypto investor who writes for Bloomberg Opinion. He added that the network is "moving to the future much faster than Bitcoin." About 1.2 million of Ether tokens -- worth approximately $2.3 billion at current prices -- are expected to be withdrawn over the next five days, according to researcher Coin Metrics. Some $36.7 billion of Ether is locked up for staking, data from Staking Rewards shows.

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