Blockchain

Shapella Upgrade Will Launch On April 12

Key Points:

The much-anticipated Shapella upgrade of the Ethereum network has set a launch date for April 2023.
The Shapella hard fork will take place at 22:27:35 UTC on April 12, at epoch 194048.
At the same time, users will be able to withdraw ETH staked on the network.

When the main Ethereum developers establish an official agreement, the Shapella network update will be deployed on the Ethereum mainnet on April 12.

The Ethereum Foundation team has verified the Shanghai upgrade timing. According to the blog article, the Shapella hard fork will occur on April 12, 2023, at 22:27:35 UTC, at epoch 194048. In Ethereum, an epoch is a collection of 32 blocks on the network.

Earlier, on March 14, when Shanghai was successfully tested on the last testnet, Goerli, Ethereum engineer Tim Beiko confirmed the upgrade implementation timeframe to enable ETH staking withdrawal.

This release was formerly referred to as Shanghai by the majority of the crypto community. Nonetheless, this rename is designed to indicate the purpose of each Ethereum network update explicitly. The Ethereum protocol is divided into two parts: the Execution Layer and the Consensus Layer.

The Shanghai update will be performed on the Execution Layer, whereas the Capella upgrade will be performed on the Consensus Layer. The Ethereum network will suffer a hardfork known as “Shapella” as a result of the combination of these two improvements.

The EIP-4895 proposal will be introduced to the Ethereum network as part of the Shapella update. For the first time, this proposal will enable users to withdraw their staked ETH. Shapella offers further network innovations that reduce transaction prices for certain processes. These improvements have been tested on several earlier testnets, including Zhejiang, Sepolia, and Goerli.

Previous to that, in August 2021, London implemented EIP-1559, which imposed a flat cost that consumers must pay instead of the former pricing auction mechanism. Although validators continue to earn a block reward and tip, the basic fee is burnt, causing ETH to depreciate over time.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.