Shapella deployed, but not without a hitch – There last step before to allow Ethereum validators to withdraw their ETH deposited on the beacon chain is finally here. THE hard fork Shapella was run on the Goerli testnet. However, its deployment has not been without problems.
Shapella: a deployment on Goerli in halftone
In the early morning hours of March 15, the Shapella update was rolled out to Ethereum’s Goerli testnet. As a reminder, Shapella is a contraction of Shanghai and Capella. This deployment marks one of the last steps before the final deployment on the mainnet.
Although the update was successful in completing, the process did not was not so smooth than expected. Tim Beikodeveloper of Ethereum, noted that several testnet validators who had not updated their client software.
Result: the chain was forked and we had to wait 15 epochs so that the blocks can be finalized. For his part, Beko attributed this situation to the fact that the testnet validators “less incentives” to perform the update since the ETH Goerli “has no value”.
However, it’s a safe bet that validators will be more conscientious when deploying Ethereum on the mainnet.
>> A non-custodial and crypto-friendly platform? Try primeXBT (commercial link) <<
The EIP-4895: a key step towards a complete Proof of Stake
Shapella includes 5 different EIPs. However, the EIP-4895 is by far the most anticipated, as it brings Ethereum closer to a fully functional Proof of Stake system.
Indeed, since the launch of the beacon chain at the end of 2020, validators have not been able to withdraw their ETH deposited in staking. Thanks to the EIP-4895, the ETH in staking on the beacon chain can be removed to the runtime layer. After taking some delays, the developers are now considering a deployment for the month of April.
The hard fork will allow partial and full withdrawals for validators. Moreover, he will unlock theoretically 17.6 million ETHor more than $30 billion at the current price.
However, the Ethereum Foundation has implemented several mechanisms to prevent too massive a flight of ETH to the market. Thus, only 2,200 withdrawals can be treated per day. In practice, this means that approximately 0.4% of all ETH deposited in staking can be withdrawn per 24-hour period.
Despite the issues encountered running Shapella on the Goerli testnet, Ethereum developers are preparing for the hard fork to be rolled out to the mainnet. At the same time, the network has undergone a major evolution with the ERC-4337 which aims to standardize theaccount abstraction.
Crypto sometimes carries high stakes. For your safety, choose a solid and credible partner. Register now on the PrimeXBT platform (commercial link).