Ethereum developers have delayed the long-awaited Shanghai hard fork by about two weeks.
Initially scheduled for the end of March, the Shanghai update will likely roll out sometime in the first two weeks of April. The delay was announced at an Ethereum developer meeting held on March 2.
During the meeting, the developers reached a consensus that the hard fork would occur about a fortnight after the launch of the Goerli testnet, scheduled for March 14. The Goerli testnet will be the last dress rehearsal for the Shanghai hard fork before its mainnet launch.
So looks like Goerli testnet is getting upgraded to Shapella
Epoch: 162304
Time: 3/14/2023, 10:25:36 PM UTCSee ya on the other side!
— terence.eth (@terencechain) March 2, 2023
So it looks like the Goerli testnet is upgraded to Shapella. Epoch: 162304. Time: 3/14/2023, 10:25:36 PM UTC. See you on the other side!
Ethereum developer and project coordinator Tim Beiko said: “For the mainnet, we normally want to give people at least two weeks after the announcement,” before adding: “So imagine Goerli happens on the 14th, everything is going well, on the 16th, we agreed to go ahead with the mainnet… I think the earliest it puts us is like the first week of April.”
Beiko noted in a Twitter thread on March 2 that They did not agree on a mainnet date explicitly, but that they will “probably” set a date during the next developer meeting on March 16, “assuming things go well at Goerli.”
We didn’t agree to a mainnet date explicitly, but assuming things go well on Goerli, we’d probably set a date on the next ACDE (Mar 16).
— timbeiko.eth (@TimBeiko) March 2, 2023
We didn’t agree on a mainnet date explicitly, but assuming things go well at Goerli, we’ll probably set a date at the next ACDE (March 16).
The update Shanghai Capella (also nicknamed Shapella) to Goerli will be the last chance for Ethereum clients and staking providers to ensure that the Shanghai hard fork can proceed smoothly when it launches on the mainnet.
The long-awaited update to the Shanghai mainnet will allow for the gradual withdrawal of satked Ethereum from the Beacon Chain.
To maintain the stability and security of the network, ETH withdrawals will be dynamic and will depend on the number of validators leaving at that time. Validators must go through a two-phase process that includes an exit queue and a withdrawal period, so it will happen gradually over time.
There are currently 17.1 million ETH staked on the Beacon Chain, which represents just over 14% of the entire supply. At current asset prices, it is valued at about $28 billion.
Besides, Shanghai has also been considered bullish for liquid staking providers. Currently, staked ETH is locked on the Beacon Chain and has been since December 2020, when the Ethereum consensus layer was released.
Liquid staking platforms like Lido offer more flexibility and better return opportunities on staked ETH, so they may see an influx of collateral in the months after Shanghai.
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