During the execution layer meeting broadcast on March 16, 2023, the Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The update, known as the Shanghai-Capella or Shapella update, will include the implementation of push withdrawals from the Beacon chain. This will allow Ethereum network validators to support withdrawal operations after the rule set change.
Ethereum validator withdrawal operations and fee optimization improvements will be available in 27 days
At the time of writing, the Beacon chain contract has 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates. The upcoming update, called Shapella, will allow Beacon Chain to use automatic withdrawals as trading via Ethereum Improvement Proposal (EIP) 4895.
According to EIP-4895 documentation, this will “support withdrawals from the Beacon chain validator to the EVM via a new type of ‘system level’ operation.” Furthermore, the abstract notes that the architecture of EIP-4895 is “based on ‘push’, rather than ‘pull’, which means that withdrawals should be processed at the execution layer as soon as they are removed from the consensus layer.” “.
The latest Ethereum upgrade was originally planned for this month, but the consensus change has been postponed. During the Meeting of the execution layer On Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.
In addition to the proposed Beacon chain push removals, the update will include the implementation of EIP-3651, EIP-6049, EIP-3860and EIP-3855. These enhancements are aimed at streamlining fees, such as limiting the “maximum boot code size to 49152 and applying an additional gas cost of 2 per 32-byte boot code snippet” as described in EIP-3860.
Ethereum developers recently tested the update on various testnets. On Tuesday, the developers finished he Goerli Testnet Updatewhich was essentially the final step before Shapella’s activation on the mainnet.
What impact do you think the upcoming Ethereum upgrade and the implementation of Beacon chain automatic withdrawals will have on the future of the Ethereum network and its users? Share your thoughts on this topic in the comments section below.
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