Ethereum Adds 8 Shanghai Upgrade Proposals

The adjustment of staking Ethereum (ETH) unlocking for the Ethereum 2.0 Beacon Chain is one of the key features of the Shanghai hard fork.

The development team decided to add 8 EIP improvement proposals for Shanghai, the next upgrade after The Merge – assisting the world’s second largest blockchain in its transition to Proof-of-Stake.

The next hard fork, which is expected in the second half of 2023, will include new features. The JavaScript team of the Ethereum Foundation has made an announcement.

One of the main features of the Shanghai hard fork will be the ability to unlock a large amount of staking ETH for the Ethereum 2.0 upgrade of The Merge, as well as the associated rewards. Since November 2020, Ethereum has been accepting ETH 2.0 staking contracts. Many sources previously stated that the Shanghai event would take between 6 and 12 months to complete.

EIP 4844, which focuses on proto-danksharding technology, aims to increase network throughput and reduce transaction fees on layer-2 rollups and is a significant improvement in terms of extension ability. Furthermore, EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450 will contribute to the Ethereum virtual machine’s upgrade (EVM).

On October 18, Testnet Shandong went live, serving the Shanghai upgrade testing process.

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