Gnosis Chain Now Activates Shapella On Ethereum Side Chain, Boosting User Staking
Key Points:
- Gnosis Chain activates Shapella upgrade on the Ethereum side chain with strong coordination.
- Cross-chain functionality suspended for OmniBridge and xDAI to implement Shapeella hard fork.
- Gnosis Chain’s compatibility with Ethereum and user-friendly staking offer reduced congestion.
Gnosis Chain, the Ethereum side chain, has successfully activated the highly anticipated Shapella upgrade, marking another milestone in its journey toward increased efficiency and compatibility with Ethereum.
In an official tweet, Gnosis Chain announced that the upgrade had been implemented with great coordination, despite a slight drop in participation from 96% to 90%.
Prior to this upgrade, it had officially announced a temporary suspension of the cross-chain functionality of OmniBridge and xDAI, paving the way for the smooth execution of the Shapeella hard fork.
Gnosis Chain (GC) operates as an Ethereum Virtual Machine (EVM) compatible chain, which allows smart contracts and decentralized applications deployed on Ethereum to be seamlessly transferred to Gnosis Chain without significant code modifications. This feature enables developers to build or migrate DApps from Ethereum to Gnosis Chain, reducing costs and alleviating network congestion.
With its Beacon Chain architecture, Gnosis Chain ensures compatibility with Ethereum, making it possible to implement all future Ethereum Improvement Proposals (EIPs) on the platform. Furthermore, these upgrades can also be integrated back into Ethereum if they prove valuable to the broader blockchain ecosystem.
The development team behind Gnosis Chain consistently pushes upgrades from the Ethereum mainnet onto their platform. Notably, the recently implemented Shanghai and Capella upgrades mirror the Ethereum roadmap, enhancing the platform’s capabilities and usability.
The Shanghai upgrade specifically enables GNO staking withdrawals on the chain, a significant improvement over the previous model that did not allow for the withdrawal of staked GNO. Simultaneously, the Capella upgrade ensures a consensus layer (CL) improvement, further bolstering the network’s performance and security. The combination of both upgrades has been dubbed “Shapella.”
Staking on Gnosis Chain offers users the opportunity to actively participate in securing the network while earning rewards. With a mere 1 GNO required for staking, the process is designed to be user-friendly and accessible to a wide range of participants. The network’s security is ensured through the collective efforts of thousands of at-home stakers worldwide, making it a neutral and resilient community-owned platform.
The successful activation of the Shapella upgrade on Gnosis Chain signals yet another step forward in the platform’s journey to become a versatile and reliable Ethereum side chain. As the chain continues to align with Ethereum’s roadmap, it reinforces its position as an essential part of the broader blockchain ecosystem, driving innovation and progress in the decentralized space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Author
Blockchain
Gnosis Chain Now Activates Shapella On Ethereum Side Chain, Boosting User Staking
Key Points:
- Gnosis Chain activates Shapella upgrade on the Ethereum side chain with strong coordination.
- Cross-chain functionality suspended for OmniBridge and xDAI to implement Shapeella hard fork.
- Gnosis Chain’s compatibility with Ethereum and user-friendly staking offer reduced congestion.
Gnosis Chain, the Ethereum side chain, has successfully activated the highly anticipated Shapella upgrade, marking another milestone in its journey toward increased efficiency and compatibility with Ethereum.
In an official tweet, Gnosis Chain announced that the upgrade had been implemented with great coordination, despite a slight drop in participation from 96% to 90%.
Prior to this upgrade, it had officially announced a temporary suspension of the cross-chain functionality of OmniBridge and xDAI, paving the way for the smooth execution of the Shapeella hard fork.
Gnosis Chain (GC) operates as an Ethereum Virtual Machine (EVM) compatible chain, which allows smart contracts and decentralized applications deployed on Ethereum to be seamlessly transferred to Gnosis Chain without significant code modifications. This feature enables developers to build or migrate DApps from Ethereum to Gnosis Chain, reducing costs and alleviating network congestion.
With its Beacon Chain architecture, Gnosis Chain ensures compatibility with Ethereum, making it possible to implement all future Ethereum Improvement Proposals (EIPs) on the platform. Furthermore, these upgrades can also be integrated back into Ethereum if they prove valuable to the broader blockchain ecosystem.
The development team behind Gnosis Chain consistently pushes upgrades from the Ethereum mainnet onto their platform. Notably, the recently implemented Shanghai and Capella upgrades mirror the Ethereum roadmap, enhancing the platform’s capabilities and usability.
The Shanghai upgrade specifically enables GNO staking withdrawals on the chain, a significant improvement over the previous model that did not allow for the withdrawal of staked GNO. Simultaneously, the Capella upgrade ensures a consensus layer (CL) improvement, further bolstering the network’s performance and security. The combination of both upgrades has been dubbed “Shapella.”
Staking on Gnosis Chain offers users the opportunity to actively participate in securing the network while earning rewards. With a mere 1 GNO required for staking, the process is designed to be user-friendly and accessible to a wide range of participants. The network’s security is ensured through the collective efforts of thousands of at-home stakers worldwide, making it a neutral and resilient community-owned platform.
The successful activation of the Shapella upgrade on Gnosis Chain signals yet another step forward in the platform’s journey to become a versatile and reliable Ethereum side chain. As the chain continues to align with Ethereum’s roadmap, it reinforces its position as an essential part of the broader blockchain ecosystem, driving innovation and progress in the decentralized space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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