Shanghai upgrade to withdraw staked ETH scheduled for mid-April 2023

Ethereum developers have set a timeline for the Shanghai upgrade, which is expected to take place in mid-April 2023, along with the highly anticipated withdrawal of collateralized ETH.

The development team has chosen March 14 as the scheduled date to launch the Shanghai hard fork on the Goerli testnet, a final “dry run” before its deployment on the Ethereum mainnet in mid-April.

Previously, the team decided to schedule the release of the Shanghai hard fork in March 2023, but the condition for Shanghai’s deployment on the mainnet is to “preview” on all Sepolia, Zhejiang, and Goerli testnets, separated every three weeks. As a result, Shanghai was postponed to April, the next upgrade in the scheduled roadmap after The Merge, marking the most important milestone that will bring many changes to the Ethereum network.

One of the key proposals of the Shanghai hard fork is EIP-4895, which releases a large amount of pledged ETH to serve Ethereum 2.0 in The Merge. Since the world’s second-largest blockchain switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS), transactions have been validated by users staking ETH to accrue share rewards. Since the launch of the ETH 2.0 staking contract in December 2020, a large amount of ETH worth $28.7 billion (increasing steadily from Merge to the present) has been locked, accounting for about 14.5% of the total ETH in circulation.

To date, many investors have chosen to stake their ETH on intermediary staking platforms such as Lido, as well as exchanges Coinbase, Kraken, and Binance. According to data from Dune Analytics, the amount of ETH pledged on these four platforms accounted for 56% of all ETH pledged. network.

Ethereum core developers still put all their energy and energy on the Shanghai upgrade. The team even removed other “improvements” and avoided minor technical changes to speed up the planned upgrade.

Earlier this week, the Sepolia testnet successfully deployed a Shanghai upgrade called Shapella. However, older client versions still have some issues. The Ethereum development team must continue to test and fix any potential issues to ensure a successful launch on mainnet in April. This upgrade will have a major impact on the Ethereum network and users as the world eagerly awaits the release.

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according to Kyptos

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