Ethereum’s Shanghai Upgrade Set to Enable Staked ETH Withdrawals on 12, April 2023

In exciting news for the Ethereum network, the highly anticipated Shanghai upgrade has confirmed a scheduled deployment date of April 2023. The upgrade will allow for the withdrawal of staked Ethereum (ETH) and has been successfully tested on the Goerli testnet.

The Ethereum developer, Tim Beiko, confirmed the deployment timeline for the upgrade, which will enable staked ETH withdrawal to be around April 12, 2023, at 10:27:35 PM UTC. The Ethereum team had initially chosen March 2023 as the implementation time for the hard fork Shanghai. However, the network needs to undergo full testing on the Sepolia, Zhejiang, and Goerli testnets, each three weeks apart. Therefore, as predicted by Coin68, the Shanghai hard fork will be postponed until April.

Shanghai, also known as “Shapella,” is the most important milestone that will bring many changes to the Ethereum network. It is the next upgrade in the predetermined roadmap following The Merge. One of the significant proposals in the hard fork Shanghai is EIP-4895, which will unlock the huge amount of ETH that has been staked to serve Ethereum 2.0 under The Merge.

After the blockchain transitioned from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), transactions are validated by users who have staked ETH to accumulate rewards. Since the launch of the ETH 2.0 staking contract in December 2020, the locked amount has reached over 17.5 million ETH, representing around 14.5% of the total circulating ETH.

On March 15, the Sepolia testnet successfully deployed the Shanghai upgrade, although some issues with older client versions have arisen. Despite these setbacks, the Ethereum network is eagerly anticipating the implementation of the Shanghai hard fork, which will significantly benefit users who have staked ETH.

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