Ethereum developers have agreed on the updates to be included in the much-anticipated Shanghai Upgrade, prioritizing Beacon Chain withdrawals after more than two years of being locked on the network.
Ethereum Developers Meeting
In the last Ethereum All Core Dev meeting of the year, developers agreed on the scope of the upcoming Shanghai update. Tim Beiko, the lead Ethereum developer, announced that the Shanghai upgrade will launch by March 2023.
He explained that the major feature agreed upon by the core Ethereum developers is the unlocking of Beacon Chain staked Ether (ETH).
If the team fails to meet the milestone for EVM Object Format (EOF) and proto-danksharding, other updates originally supposed to be in the upgrade will be removed to ensure the unstaking of ETH ships on time.
What to Expect from the Shanghai Upgrade?
The Shanghai upgrade will allow stakers to unlock their ETH on the Ethereum blockchain for the first time since November 2020, when the beacon chain launched.
EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), and EIP-3860 (Limit and counter init code) will also be included in the upgrade. EIP-3651: Warm Coinbase (NASDAQ:COIN) will launch with Shanghai and help users save gas for direct Coinbase payment.
On the Flipside
- While stakers will be able to unlock their ETH, it will also delay the launch of The Surge Phase.
Why You Should Care
The launch of the Shanghai upgrade could significantly impact the price of ETH, which could be huge when investors can access their ETH for the first time in over two years.
Read about the things to expect for the Ethereum network in:
Vitalik Buterin Shares His Five Things About Ethereum to Be Excited About
Find out all the upgrades in Shanghai below:
Ethereum (ETH) Developers Agree on the Eight Proposal Upgrades for the Shanghai Hardfork