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Long-Awaited ETH Shanghai Dev. Date Confirmed, Ethereum Gains 4%

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The long-awaited date has been set finally for the ETH upgrade, which will enable phased staking withdrawals.

The Ethereum support team announced an update on the launch date of the mainnet Shapella on March 28.

In the announcement, the team confirmed that the upgrade will happen 2 weeks from today, April 12.

What is the Mainnet Shapella

The mainnet Shapella is Shanghai’s upgrade’s new name. How it works is to join the changes to the execution layer (Shanghai), the consensus layer (Capella), and the engine API.

The launch date was announced following the Goerli testnet adaptation done flawlessly.

Are Ethereum’s Customers Ready?

According to the blog post, the upgrade will allow validators to withdraw their stakes from the Beacon Chain during the execution level.

In addition, it establishes new functionality for the consensus and execution layers.

ETH’s major customers, including Teku, Prysm, Nimbus, Lodestar, and Lighthouse, currently support the Shepela development.

Furthermore, Ethereum Cat Herders and Ethstacker will organize a viewing party a little before the upgrade goes LIVE to enable people to view it in real-time.

Concerns Regarding the Upgrade

People are raising concerns that due to the upgrade, a huge amount of Ethereum will likely become destabilized and be traded in the market after all the effort.

However, this will not happen due to the phased releases currently implemented for network security reasons.

Notably, the Ethereum withdrawal time is dynamic. Besides, it depends on the number of validators moving out at the time.

Moreover, validators must pass through the 2-step process before withdrawing, including an exit period and an exit queue.

A network security device called the “churn limit” explains the exit queue and retains stability.

Also, the withdrawal time depends on how much Ethereum is being flagged for withdrawal from the ecosystem.

At present, there is 17.9 million ETH held on Beacon Chain. These ETH stakes are worth $32 billion, similar to 15% of the overall circulating supply.

Ethereum Price View

ETH price has increased by about 4.02% in the last 24 hours. The increase sees the coin selling at $1,807 as of the time of this writing.

The digital asset has recouped its loss from yesterday’s CFTC Binance lawsuit news-induced fall, and it is again trading above $1,800.

But at present, the price of Ethereum is down by 63.09% from its all-time high of $4,878 on November 2021.

However, it has added a whopping 428908.58% from its all-time low on October 21, 2015

 

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