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- Past the hard fork, validators and ETH holders will be able to redeem the tokens they stake.
- Another upgrade aims to reduce gas fees on the second largest blockchain.
The Ethereum community may have had to wait even longer for the Shanghai upgrade after the biweekly core developer meeting, Execution Layer 156 Meeting, ended with the decision to run a hard fork on the Goerli test network on March 14 and the final deployment somewhere in April.
The upgrade to the Goerli test network is an important step ahead of the Shanghai fork, given that the testnet is the largest on the Ethereum blockchain. Bypassing Goerli, the developers will decide when to upgrade Shanghai on the main network, according to a March 2 meeting deliberations. The team successfully installed a fork at Sepolia, a segregated test network, on February 28.
Why Shanghai is the most important upgrade on Ethereum
Also referred to as Shapella, the Shanghai hard fork is the most anticipated Ethereum upgrade, given its financial implications. The Ethereum Upgrade Proposal – 4895 (EIP-4895) in an upgrade allows transaction validators and token holders to withdraw staking ETH from the beacon chain after the fork goes live.
The amount of Ether wagered, starting in December 2020, was 17.4 million – according to Etherscan – worth $27.2 billion. As per the set rules, those who stake more than 32 ETH in the chain can take part in validating blocks for rewards. Some of the top bookmakers include Coinbase, Lido, Kraken, and Binance.
Last year’s merge, which saw Ethereum move from a proof of work to a proof of stake model, provided validators locked their Ether up until a future upgrade, the Shanghai upgrade. Surrounding it is speculation that large amounts of Ether released to the market all at once could depress Ether’s price. However, analysts believe that most shareholders may not dispose of their funds due to the current bear market.
   
Another fix in the hard fork
There were also other improvements in the Shanghai upgrade – EIP-3651, 3855, 3860, and 6049 – mostly aimed at reducing Ethereum gas fees, which are known to spike when there are a large number of transactions in the queue. In particular, EIP – 3651 aims to lower the cost of gas in Extractable Maximum Value when accessing COINBASE, the software that allows developers to accept tokens (unrelated to the crypto exchange Coinbase.)
Last month, in a report by ZyCrypto, Ethereum released a shadow fork – a test model for the actual main network that allows developers to check code for improvements. Several technical issues were reported during shadow forking for nodes using the Geth client, according to one of the core developers, Marius Van Der Wijden.
Still to come later this year is another upgrade targeting the Ethereum Virtual Machine – Ethereum’s platform for smart contracts – and sharding aimed at scalability.
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