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Ethereum core developers have launched the first mainnet shadow fork to determine the readiness of the ETH withdrawal staking feature.
This marks a step forward in allowing users to access over $26 billion worth of staking ETH in March as planned.
Announcing the same, Marius Van Der Wijden, Ethereum Foundation software developer, claimed that despite some issues, the implementation of the shadow fork was overall a success.
Shadow forks are designed to test network upgrades with existing state data from the original chain and also check for any bugs.
This “exercise” acts as an important tool for web3 developers as it allows them to test their assumptions about a future network upgrade against the current state of the production mainnet environment.
With this, core Ethereum developers, node providers, and independent shareholders can prepare for upcoming network-wide changes so that the Ethereum application ecosystem is not disrupted.
Shanghai will be the first significant update since the historic Ethereum merger in September, which turned the network’s operating system into a proof-of-stake system.
Users will deposit ETH into the network after merging to become validators and help authenticate on-chain transactions. Instead, these users are allowed to earn rewards in the form of newly created ETH.
Upgrading to Ethereum Shanghai involves this
The amount of Ethereum invested into staking contracts has steadily increased since Beacon Chain became active in November 2020. As of January 7, deposits amounted to 15.9 million ETH, worth $20 billion, or 13% of the total supply, TronWeekly reports.
Shanghai’s main highlights include:
Lowering gas costs for tier 2 solutions could make deploying Eth after Shanghai quicker and more affordable.
Efficiency improvements in data access and storage, such as removing previous block hash information from contracts. Removing the contract lock on staked tokens will allow unstaking and withdrawal of staked ETH.
On December 8, the 151st Ethereum Core Developers Meeting was held and discussions were held to set a March 2023 timeframe for the Shanghai hard fork.
In addition, the core programmers are planning to launch the Ethereum Improvement Protocol [EIP] 4844 update, which will bring proto-danksharding to the network, in May or June 2023.
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