Ethereum's Shanghai Upgrade Becomes Active
The Ethereum Shanghai Upgrade, or "Shapella," went live on April 12 at 6:27 PM EDT, marking a significant milestone in the development of the world's second-largest cryptocurrency. This upgrade, as announced by Ethereum core developer team led by Ethereum Foundation researchers including Dankrad Feist and Vitalik Buterin, aims to lower transaction fees for layer-2 solutions through the introduction of EIP-4844.
Following the Shanghai upgrade, ETH saw a modest price increase, with a current trading value of $1,913.10, reflecting a gain of over 2% within the last 24 hours. However, no substantial price change has been observed as of now following the price increase.
At the Shapella Mainnet Watch Party, Ethereum co-founder Vitalik Buterin stated that the hardest and fastest parts of the Ethereum protocol's transition are essentially over. He also mentioned that significant things still need to be done on Ethereum, but they can be done at a slower pace.
One of the most immediate effects of the Shanghai upgrade is the ability for users to withdraw their staked ETH. As of the upgrade going live, 285 withdrawals totaling 5,413 ETH, approximately $10 million, had been processed according to beaconcha.in. It's worth noting that it may take longer for stakers who deposited ETH through intermediate staking pools or centralized crypto exchanges to withdraw their funds.
The next significant feature added to the Ethereum network is EIP-4844, which will improve the scalability of rollups on Ethereum as part of the "Dencun" network upgrade later this year. This upgrade is expected to further lower transaction fees and improve the efficiency of the Ethereum network.
In conclusion, the Ethereum Shanghai Upgrade marks a significant step forward in the development of the Ethereum network. With the ability to withdraw staked ETH and the upcoming addition of EIP-4844, Ethereum continues to demonstrate its commitment to improving scalability and lowering transaction fees for its users.
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