January 27, 2023

  • ETH developers have prioritized bringing payouts with the upcoming Shanghai upgrade.
  • The Ethereum Foundation has clarified that it is committed to maximizing the success of the transition to proof-of-stake.

The second largest cryptocurrency in the world will undergo a major upgrade in the first quarter of next year. At the 151st Ethereum Core Developers Meeting held on December 8, the developers agreed that March 2023 would be the tentative deadline for the Shanghai hard fork.

Shanghai upgrade brings payouts

Ethereum core developer Tim Beiko revealed that the developers have prioritized bringing strike shots with the upcoming Shanghai upgrade.

After the highly anticipated Merge event that took place in September 2022, the network saw billions deployed to validate transactions.

Staked Ether (stETH), the token created by the DeFi protocol Lido, is currently locked to the Ethereum Beacon Chain. According to CoinMarketCap data, there are more than 3.4 million stETH in circulation. The token is currently trading at $1249 and has a market cap of $4.35 billion.

The Ethereum Foundation has clarified that it is committed to maximizing the success of the transition to proof-of-stake. The latest upgrade allows users to withdraw stETH and other staking rewards.

Ethereum Improvement Protocol (EIP) 4844 delayed

The consensus of Ethereum Core Devs is that EIP 4844 can wait. The developers consider the inclusion of strikes to be a more important part of the Shanghai upgrade, which initially also included EIP 4844.

EIP 4844 was introduced by co-founder Vitalik Buterin. This feature would introduce darksharding to Ethereum, which essentially simplifies the way transaction data is processed by validators.

This upgrade has been postponed to May – June 2023 to avoid delays on the Shanghai hard fork. The EIPs going forward with the Shanghai upgrade include EIP-3651: Warm Coinbase, EIP-3855: PUSH0 statement, EIP-3860: Limit and meter init code, and EIP-4895: Beacon chain push withdrawals.

The developers have also green-flagged the implementation of the “EVM Object Format” for the Shanghai upgrade. This includes a series of EIPs that aim to upgrade the Ethereum Virtual Machine (EVM), including EIP 3540, EIP 3670EIP 4200, EIP 4570 and EIP 5450.

Leave a Reply

Your email address will not be published.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