Ethereum Developers Announce Date For Upcoming Shapella Upgrade!
Ethereum Developers Announce Date For Upcoming Shapella Upgrade!
In a recent post, Ethereum core developer Tim Beiko has revealed that after months of waiting, the developer team finally has a confirmed date for the upcoming Shapella upgrade.
Shapella Upgrade
According to Beiko Shanghai and Capella, or the Sepolia Shapella as it’s sometimes known by, is Ethereum’s next biggest network upgrade following its transition to Proof-of-Stake back in September, and is confirmed to be live on the testnet on February 28.
In his blog, the developer explained that this upgrade will see a lot of key Ethereum improvement proposal (EIP) changes, including allowing validators to withdraw their Ethereum staked on the Beacon Chain to the execution layer, as well as Warm COINBASE software, which could potentially reduces network fees for builders.
Moreover, the Shapella update will combine changes to the execution layer, consensus layer, and the Engine API, making this a key upgrade following the Merge.
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Sepolia Shapella scheduled for Feb 28, 4AM UTC 🌃
Read about the upgrade, and find links to the specs, client releases and withdrawals FAQ here: https://t.co/cRh4UWvl8J 😄
— timbeiko.eth (@TimBeiko) February 21, 2023
News of this upgrade comes just a week after concerns were first raised after a rumor that the Shanghai Upgrade could be delayed due to issues and vulnerability that was detected in the public test network Shapella. Developers have since responded that this issue is easily solvable.
Staked ETH Withdrawals
Tim Beiko also further explains that there will be two phases to the process of withdrawing ones staked ETH. The partial withdrawal phase, which will take around one week, allows balances over 32 ETH to be withdrawn as they continue validating, while a full withdrawal phase would mean that validators can fully exit, take their 32 ETH and stop validating.
2. So what is this upgrade?
🔸 Since the transition started in 2020, users haven't been able to remove their staked funds.
🔸 The Shanghai Upgrade is an Ethereum Improvement Proposal (EIP) that adds the withdrawal functionality.
— Binance (@binance) February 9, 2023
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