Ethereum’s Shapella transition is “on the horizon”
Ethereum Foundation team announced According to a February 10 blog post, another milestone on the way to the Shanghai upgrade: the Shapella fork on the Zhejiang testnet is moving into the final sequence before launch.
The Shapella transition includes “a lot of features” and “the most important thing for stakers and the consensus layer is the ability to withdraw funds,” the post notes, adding that:
“Full withdrawal will be available for exited validators, while partial withdrawal will be available for active validator balances greater than 32 ETH.”
According to the announcement, validators must have runlevel credentials 0x01 to participate in withdrawals. “If a validator currently has a withdrawal credential of 0x00 BLS, it must sign the change operation to 0x01 to allow withdrawals,” the Ethereum team notes.
Shapella refers to two Ethereum upgrades, “Shanghai” and “Capella”, which allow execution-level withdrawals as well as improve the consensus level of the Beacon chain. This step is especially useful for ETH (ETH) participants interested in understanding how withdrawals will work, as a full consensus-level withdrawal requires interaction.
Ethereum Shanghai Fork Is Coming, But That Doesn’t Mean Investors Should Dump ETH
The testnet in Zhejiang, launched on Feb. 1, is the first of three testnets simulating Shanghai, which is expected to launch in March, though no specific date has been given. The Sepolia testnet update is scheduled for February 28th, followed by the Goerli testnet. The Ethereum team noted:
“If you are an Ethereum staker, node operator, infrastructure provider, or anyone else, now is the time to learn about the upcoming Shapella update, test your software, and pay attention. From now on, every public testnet will be upgraded, and if all goes according to plan, mainnet will soon follow.”
The Ethereum roadmap has several post-Shanghai updates known as “Surge”, “Verge”, “Purge”, and “Splurge”. Ethereum moved to Proof-of-Stake (PoS) consensus in September 2022 after U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler suggested that the blockchain’s move to PoS could draw regulators’ attention to ETH.
Recently, Ethereum co-founder and crypto entrepreneur Joseph Lubin stated that he was confident that Ethereum would not be classified as a security in the United States. “I think it’s just as likely and will have the same impact as if Uber were declared illegal,” Lubin said.
Credit : cointelegraph.com