Ethereum Successfully Completes Shadow Fork for Shanghai Mainnet
On Monday, Ethereum’s core developers announced the successful execution of a Shadow Fork for the Shanghai Mainnet upgrade. This update is designed to test the network’s readiness for ETH withdrawals, expected to roll out by March.
A Shadow Fork acts as a full-scale rehearsal for system upgrades, allowing developers to identify design flaws and fine-tune lingering issues.
The Shanghai Hard Fork marks Ethereum’s first major upgrade since The Merge in September 2022, which transitioned the network to Proof-of-Stake (PoS). Once implemented, users will be able to withdraw staked ETH along with rewards—unlocking over $26.5 billion in value currently locked since December 2022.
👉 Learn more about Ethereum’s upcoming upgrades
OpenSea NFT Sales Rise for Two Consecutive Months
Blockchain data analyzed by Dune reveals that OpenSea recorded **$320 million** in Ethereum-based NFT sales as of January 24, surpassing December’s $283.5 million. This marks the platform’s first back-to-back sales growth since April 2022.
The resurgence isn’t limited to OpenSea:
- Bored Ape Yacht Club (BAYC) floor prices surged from $84,500** to **$108,000 in 30 days.
- CryptoPunks floor prices climbed from $76,500** to **$108,000 in the same period.
Tesla Holds onto Bitcoin Despite Market Volatility
Tesla retained its Bitcoin holdings in Q4 2022, per its January 25 earnings report. Though the company sold 75% of its BTC in Q2, it refrained from further sales despite November-December’s FTX-induced market crash.
Tesla’s digital assets were valued at $184 million** as of December 31—down from **$218 million in Q3 due to a $34 million impairment loss from Bitcoin’s price drop.
Arizona Senator Proposes Recognizing Bitcoin as Legal Tender
Republican Senator Wendy Rogers introduced a bill to classify Bitcoin as legal tender for debt payments in Arizona. The proposal also seeks to:
- Ban local governments from taxing blockchain usage.
- Allow state agencies to accept crypto for fines, taxes, and fees.
A similar 2022 bill failed to pass.
Polkadot Reiterates DOT Is Not a Security
The Web3 Foundation, backing Polkadot, reaffirmed that DOT no longer qualifies as a security. Its Twitter statement emphasized compliance with SEC guidelines, noting DOT’s transition to pure software.
Key measures included:
- Preventing large DOT ownership concentrations.
- Rejecting venture capital focused solely on token speculation.
Algorithmic Stablecoins Lose 90% Market Share Since Peak
After TerraUSD’s (UST) collapse, algorithmic stablecoins saw their market share plunge tenfold—from 12.4% in April 2022 to just 1.71% today. UST alone once dominated 79.8% of this niche.
FAQ
1. What is the Shanghai Upgrade?
Ethereum’s Shanghai upgrade enables staked ETH withdrawals, a milestone post-Merge.
2. Why did OpenSea’s sales increase?
NFT demand rebounded, with blue-chip collections like BAYC and CryptoPunks leading the recovery.
3. How much Bitcoin does Tesla own?
Tesla holds ~$184M in BTC, per Q4 2022 filings.
👉 Stay updated on crypto trends
Disclaimer: Digital assets are high-risk investments. Past performance doesn’t guarantee future results.