The long-awaited Shapella fork of Ethereum has successfully run on the Goerli testnet, the final test before Ethereum validators can pull its ether from the Beacon Chain.
However, the journey to this milestone was not all smooth sailing. Ethereum (ETH) core developer Tim Beiko noted that some testnet validators were unable to update their client software prior to the Goerli hard fork, leading to delays in processing deposits. He put it down to testnet validators having “less incentive” to upgrade since Goerli ETH is “worthless.”
Beiko remains optimistic that the validators will make the necessary adjustments before the hard fork on the Ethereum mainnet.
The Shapella upgrade comprises five different Ethereum Improvement Proposals (EIPs), with EIP-4895 being the most anticipated, as it will push staked ETH from the Beacon Chain to the execution layer, bringing Ethereum one step closer to a proof of operation. fully functional. betting system.
Shapella Hard Fork to Unlock $30 Billion in ETH
Shapella will be released on the Ethereum mainnet in early April, following delays in preparing the Sepolia and Goerli testnets for the hard fork.
This hard fork introduces partial and full withdrawals and unlocks 17.6 million ETH, which amounts to more than $30 billion at current prices. These funds have been locked up since the launch of Ethereum’s PoS Beacon Chain in December 2020.
However, the Ethereum Foundation has implemented measures to prevent a flood of ETH from hitting the market. Withdrawals are capped at 0.40% of the total ETH wagered, and only 2,200 withdrawals are processed per day.
Testnets replicate a main blockchain, providing developers a sandbox to fix bugs before updates go live on the mainnet. Goerli was the third and last testnet to go through such simulations.
This test was highly anticipated as it has the largest set of validators and closely mimics the activity of the Ethereum blockchain. It was also the last chance for staking providers to test the correct processing of ETH withdrawals before the update went live.
Ethereum developers will meet for their biweekly call on March 16 to set a date for the Shanghai mainnet upgrade. During the last biweekly call, Ethereum developers discussed a target date of early April, a slight deviation from their initial March schedule.