The Shanghai update will roll out to the Ethereum mainnet on April 12 as a hard fork, after being tested on the Goerli testnet. This update will allow holders of ETH locked on the Beacon Chain to withdraw them using the EIP-4985 withdrawal feature.
Shanghai is coming to the Ethereum mainnet on April 12
Following its deployment on the Goerli testnet, the Shanghai update will arrive for April 12 in the late morning, according to the last meeting of the developers who agreed on this date. This crucial update, which will take place in the form of a hard fork, will allow people who have blocked their Ethers (ETH) to withdraw them from the Beacon Chain.
6209536 4/12/2023, 10:27:35 PM UTC
— timbeiko.eth (@TimBeiko) March 16, 2023
This withdrawal feature, which will be deployed as EIP-4985, will be accompanied by 4 other EIPs, including EIP-3651 aimed at reducing transaction fees in certain specific use cases. This is the most important update since last September’s Merge, since more than 17.7 million ETH will be put back into circulation. Shanghai will thus sign the total transition of Ethereum to the proof-of-stake (PoS) method.
As we reported earlier, a rather small number of Ether holders on the Beacon Chain would like to withdraw and sell their ETH. Indeed, a very large majority of them would rather stake them again.
The update will normally be deployed at epoch 620 9536, either around approximately 11:30 a.m. during the day of April 12.
Tim Beiko is also confident about the deployment of Shanghai on the Ethereum mainnet following some problems encountered on the Goerli testnet lately.
Indeed, these were mainly due to a few validators who had not updated their client. A problem that should logically not happen on the mainnet, the validators having real Ethers in play this time.
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