ETH Dev Optimistic About Shapella Upgrade Despite Challenges

  • Ethereum’s Shapella upgrade, which enables the unstaking of ETH, has been activated on the Goerli network.
  • Testnet validators lacked incentive to upgrade their client software, resulting in the process of depositing not running smoothly during the hard fork.
  • The mainnet upgrade is expected to be launched next month, with several improvements

According to Ethereum core developer Tim Beiko, the network’s latest upgrade, Shapella, has successfully been activated on the Goerli testnet. The upgrade, which allows for the unstaking of ETH, comprises five different Ethereum Improvement Proposals (EIPs). Epoch 162,304 initiated the upgrade at 10:26 UTC, and it was finalized soon after.

Despite successful activation on the Goerli testnet, there were issues with the hard fork, as several testnet validators did not upgrade their client software before the fork. Ethereum core developer Tim Beiko attributed this to testnet validators having “less incentive” to upgrade given the testnet’s ETH “is worthless.” But, he expects validators to make the required changes before the fork on the Ethereum mainnet.

Beiko is optimistic about the Shapella upgrade, which comprises five different Ethereum Improvement Proposals (EIPs). However, EIP-4895 is the most anticipated because it moves Ethereum closer to a fully proof-of-stake powered system.

Shapella’s activation on the Ethereum mainnet is scheduled for early April, following a few delays in prepping the Sepolia and Goerli testnets for the split. The hard fork will allow for partial and complete withdrawals, releasing about 17.6 million ETH, or over $30 billion at current rates.

The Ethereum Foundation, on the other hand, has previously stated that multiple safeguards are in place to avoid a flood of ETH supply from entering the market once the upgrade is implemented.

For instance, the amount of withdrawals allowed over a 24-hour period will only reflect roughly 0.40% of the total staked ETH because only approximately 2,200 withdrawals may be executed daily. This is due to the fact that an epoch may only have a maximum of ten validators assigned to it, and processing an epoch takes about five or six minutes.

The post ETH Dev Optimistic About Shapella Upgrade Despite Challenges appeared first on Coin Edition.

Leave a Reply

Your email address will not be published. Required fields are marked *