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Newsletter #51 Shanghai update to lift prices of ETH Web3 gaming tokens

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April 17, 2023
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3 min read

Gm Tigers, this is Tegro Dispatch, the only newsletter that you’ll need to start playing and earning in Web3.

Ethereum, the second largest blockchain network by market cap, made its highly anticipated Shanghai Upgrade live. In this edition of Tegro dispatch we’ll look at what this upgrade means for Ethereum and Web3 gaming. 

One thing’s for sure that in the long run this update will have a positive effect on the price of Ether and all the web3 gaming assets that are connected to the cryptocurrency. Get your hands on some of the best web3 gaming assets now on Tegro Exchange before the massive price action kicks in. Sign up here!

So what exactly is that Shanghai update?

The Shanghai-Capella upgrade, also known as "Shapella," is a recent upgrade to the Ethereum network designed to enable ether (ETH) withdrawals from the deposit contract. Previously, validators on the new Ethereum 2.0 network had to stake a minimum of 32 ETH and hold them indefinitely.

Now, with the implementation of the hard fork on the Ethereum mainnet and the EIP-4895, withdrawals of staked ETH tokens have been activated on the mainnet. This is a significant development that provides greater flexibility and control for users who participate in staking and support the Ethereum network.

What will the upgrade mean for Web3 gaming?

The Ethereum Shanghai Upgrade is expected to bring several improvements to the platform that could have a significant impact on web3 gaming. One of the most exciting changes is the potential reduction in gas fees for layer-2 solutions running on Ethereum. This could make gaming on the platform faster and cheaper, allowing for a more seamless and enjoyable experience for players.

Additionally, the ability to withdraw staked ETH tokens may attract more users to participate in staking and thus strengthen the security of the network. This could lead to greater trust in the platform, making it more attractive to game developers and players alike.

Finally, the updates to the smart contract facilities on the Ethereum network will introduce a host of new features and capabilities that could benefit web3 gaming. These improvements could enable game developers to create more complex and engaging experiences for players, opening up new possibilities for innovation in the industry.

Overall, the Ethereum Shanghai Upgrade is poised to have a positive impact on web3 gaming, making the platform faster, cheaper, and more versatile. It will be exciting to see how game developers and players leverage these new capabilities to create and enjoy new gaming experiences on the platform.

Some predictions by market experts

  • In the short term, we could observe a sell off as traders are finally free to liquidate tokens if they want. 
  • Price of ETH will get a boost(already happening)
  • Price of ETH based gaming assets will also see a price boost.

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