Ethereum Shapella upgrade gets new date, making way for un-staking ETH

Ethereum Core Developer Tim Beiko announced the Shapella (Shanghai/Capella) update is scheduled for February 28th. The Shapella network update will be activated on the Sepolia network at epoch 56832.

Shanghai and Capella are the names of the upcoming Ethereum hard fork. Shanghai is the name of the fork on the execution client side, and Capella is the name of the update on the client side of the consensus layer.

Some of the key proposals to improve Ethereum (EIP) at the execution level include on-chain push withdrawals of Warm Coinbase and Beacon. Push withdrawals will give way to the withdrawal of validators from the beacon chain to the EVM through a new type of “system-level” operation. On the other hand, WARM Coinbase could be a game changer and reduce network fees for some of the key network members, called builders.

Coinbase here is the name of the software that builders use to get new tokens on the network. Each new transaction on the platform must interact with the Coinbase software several times. The first interaction costs more as the software needs to “warm up” and then the fee goes down as interactions increase. However, with the introduction of EIP-3651, the Coinbase software will remain warm from the start, so lower gas fees will be required to access it.

Ethereum Network Data Suggests ETH Selling Pressure May Not Be Significant After Shanghai Upgrade

Major changes to the consensus level include full and partial withdrawals for validators and independent state and block historical accumulators replacing the original single historical roots.

Partial withdrawal means that validators can withdraw ether (ETH) rewards greater than 32 ether and continue validating. In case they want a full withdrawal, validators can exit completely, take all 32 Ether and rewards, and stop working.

The upcoming update will allow validators to move their staked ether (ETH) out of the beacon chain to the execution layer. In addition, the update will make changes to the execution layer and the consensus layer, adding new features, making it a key post-merger update.

However, stakeholders and non-stakeholders who manage nodes should update their nodes to the most recent versions of the Ethereum client to take advantage of the Sepolia upgrade. After the deployment of the Sepolia update, the next step is to release the Shanghai update on the Ethereum Goerli testnet, which is expected to start in March.

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