The upgrade Shanghai was indeed completed yesterday around 22:42 UTC. She promises lots of amenities as the finalization of the transition to Proof-of-Stake. Once this step has been taken, users and validators are entitled to the withdrawal of their ETH staked on the network. Some 285 transactions were recorded just half an hour after the Shapella hard fork.
Shanghai, the sequel to the Merge?
After the success of merge last September, Ethereum developers promised another hard fork to the community. This is called Shanghai or Shapella.
CoinDesk noted that the Shanghai upgrade trigger took place at 22:27 UTC. Her finalization, on the other hand, ended 15 minutes later, at 22:42 UTC. The ETH developers further clarified that the era number of this hard fork is 620 9536.
Shanghai’s goal is to implement Ethereum Improvement Proposal (EIP) 4895 whose advantage lies in the authorization, granted to users and validators, to withdraw their stake in Ethereum on the network. Also, the gas fee on the blockchain will be reduced after Shapella. But this is reserved for certain transactions only, specifies The Block without detailing the information.
Strongly the release of funds!
Shanghai means activation of ETH withdrawal mechanism for investors and validators. In other words, the latter will benefit from a certain flexibility in the management of their digital assets.
Currently, the network Ethereum has nearly 18 million ETH staked, or $33 billion. If the green light for the withdrawal was given late yesterday evening, beaconcha.in only recorded 285 for the epoch 194,408. About 5,413 ETH were leaving the network just 30 minutes after Shanghai, which represents $10 million in fiat. A drop of water in the vast ocean that is Ethreum in fact.
Vitalik Buterin, who was closely monitoring the Shapella hard fork, commented:
” We are at a stage where the hardest and fastest parts of the Ethereum protocol transition are pretty much over. Very important things still need to be done, but these very important things can be done safely at a slower pace. »
Then, he announced some minimal upcoming projects in his blockchain. Effectively, Ethereum will make transactions faster and cheaper making further upgrades shortly. Vitalik Buterin promised that this will take place well before the next bull run.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
