• 13 July, 2024
News

New Ethereum Update Sets the Stage for April’s Shanghai

Ethereum’s core developers have announced the release of Geth v1.11.5 (Erszbat), a crucial update that enables the Shanghai mainnet upgrade, scheduled for April 12, 2023, at 10:27:35 PM UTC. This upgrade is a necessary step for Ethereum (ETH) investors eager to access their staked ETH following the network’s transition to proof-of-stake (PoS) consensus in September.

The Shanghai-Capella upgrade, also known as Shapella, was successfully launched on the Goerli testnet as a final dress rehearsal before its mainnet debut. The upgrade is set to occur at epoch number 620,9536, featuring Ethereum Improvement Proposal (EIP) 4895. This EIP allows validator staking withdrawals on the main network, a critical feature omitted during Ethereum’s PoS transition after the Merge upgrade.

Shapella will also introduce three additional improvements to optimize gas costs for specific activities. Before enabling withdrawals, developers conducted various public testing phases on three testnets since February, including Sepolia, Zhejiang, and Goerli. All three testnets successfully processed ETH withdrawals from their respective validator sets.

Experts predict that the Shanghai upgrade will positively impact Ethereum’s price, similar to the capital influx observed before the Merge upgrade, in a “buy the rumor, sell the news” fashion. As the upgrade introduces more staking options, analysts consider it a positive development for Ethereum’s value. The potential to drive Ethereum’s price higher is further supported by the release of staked ETH, which could serve as a bullish trigger.

In the long term, the upgrade is expected to attract institutional investors to the platform, further bolstering Ethereum’s value and solidifying its position in the blockchain ecosystem.

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