In exciting news for the Ethereum network, the highly anticipated Shanghai upgrade has a confirmed launch date of April 2023. The upgrade will allow withdrawing staked Ethereum (ETH) and has been successfully tested on the testnet Goerli.
#Ethereum‘S #Shanghai Upgraded settings will enable staked ETH withdrawals on April 12, 2023 @azcoinnews https://t.co/zisUmXkTbd
— Kyptos (@azcoinnews) March 16, 2023
Ethereum developer Tim Beiko has confirmed the rollout schedule for the upgrade, allowing withdrawals of staked ETH around 10:27:35 PM UTC (17:27:35 local time) on April 12, 2023. male).
The Ethereum team initially chose March 2023 as the time to implement the Shanghai hard fork. However, the network needs to be fully tested on the Sepolia, Zhejiang and Goerli testnets, with three weeks between each test. Therefore, the Shanghai hard fork will be delayed until April.
Shanghai, also known as “Shapella”, is the most important milestone that will bring many changes to the Ethereum network. This is the next upgrade on the planned roadmap after The Merge. One of the key proposals for the Shanghai hard fork is EIP-4895, which will unlock a large amount of ETH to serve Ethereum 2.0 in The Merge.
After the blockchain transitions from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus, transactions are validated by users who stake ETH to accumulate rewards. Since the launch of the ETH 2.0 pledge contract in December 2020, more than 17.5 million ETH have been locked, accounting for about 14.5% of the total ETH in circulation.
On March 15, the Shanghai upgrade was successfully deployed on the Sepolia testnet, despite some issues with older client versions. Despite these hurdles, the Ethereum network eagerly awaits the implementation of the Shanghai hard fork on mainnet, which will greatly benefit users holding ETH.
- Lido and Coinbase update ETH staking schedule after Shanghai
- Shanghai could help Ethereum dominate Layer 1 and benefit liquidity staking protocols
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according to Kyptos
