Web3 Platform Immutable Will Integrate Ethereum’s Shanghai Upgrade

Key Points:

• Immutable to integrate Ethereum’s Shanghai Upgrade into its zkEVM on March 26, 2024, enhancing privacy and scalability.
• The update includes Polygon Zero adoption for shadow proving.
• Immutable’s price saw a 10% growth over the last 4 months, with a recent 22% dip in volume over the past 24 hours.

YEREVAN (CoinChapter.com) — Immutable, a Web3 platform offering Layer 2 solutions for Ethereum-based NFTs, will integrate the Shanghai Upgrade on March 26. For starters, the Shanghai Update focuses on improving the ETH blockchain staking mechanism.

Moreover, it does so through the capability for validators to withdraw their staked Ether from the Beacon Chain. Which is crucial for validators in the Proof of Stake(PoS) system. This update’s design is to improve network scalability, security, and gas efficiency through various Ethereum Improvement Proposals. With all that out of the way, let’s dive into the details of this announcement and see for ourselves.

Why is Immutable Suddenly Interested in Shanghai?

Immutable plans to integrate the Shanghai Upgrade into its zkEVM. zkEVM, in this context, refers to tech that combines the scalability and privacy of zero-knowledge proofs with the Ethereum Virtual Machine. This, in theory, allows for more secure and efficient execution of smart contracts.

Additionally, there’s the adoption of Polygon Zero for enhanced functionalities like shadow proving. Solidarity developers won’t need to do anything as the platform will support newer Solidarity versions post-upgrade. However, Node operators have to upgrade their systems to stay in sync.

How is Immutable Price Reacting?

If we examine the price dynamics of Immutable (IMX), we will see this picture. The live price of IMX today is $2.87. Over the last four months, Immutable experienced approximately 10% growth. However, over the last 24 hours, its volume dipped almost 22%.