The architects of the Ethereum (ETH) network have revealed a new probable date for the long-awaited Shanghai upgrade, bringing investors one step closer to accessing staked ETH.
The April 12 deadline for the Shanghai-Capella upgrade, also known as Shapella, for the leading Ethereum network was decided by the main developers of the network in a meeting on March 16.
The developers claim that the Shapella update went live on the Goerli testnet, the last stop before the mainnet launch, with great success.
The epoch 620.9536, which corresponds to 10:27 am UTC on April 12, 2019, will mark the time of the update.
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What the Shapella upgrade will entail
The main attraction of the update is EIP 4895, which implements validator opt-outs on the leading network. This crucial feature was left out of the Ethereum consensus to switch to proof-of-stake (PoS) in September after the merger update.
In addition, the Shapella upgrade will have three other enhancements aimed at reducing gas expenses for certain operations. The developers have been running public tests in Sepolia, Zhejiang, and Goerli since February in preparation for the recalls.
To top it off, all three principles could execute ETH withdrawals from their respective sets of validators without issue.
how is ethereum today
Ethereum, the second most renowned crypto asset after BTC, is doing well today, according to statistics provided by CoinMarketCap. ETH, trading at $1,746 at press time, had posted a 4.9% rise from its previous 24-hour valuation.
Despite the increase, trading volume is still up 10% from its previous 24-hour book, as market capitalization posted a 5% increase. This comes when BTC has a good day too.
How the update could affect the price of ETH
As there was a large injection of money just before the merger upgrade, which seemed to be a case of “buy the rumor, sell the news”, the Shanghai upgrade is expected to have a beneficial influence on the ethereum price.
Ethereum’s value is expected to rise as a result of the Shanghai upgrade, which would expand staking options, according to industry insiders. Since the upgrade will provide a venue for the staked ETH launch, it has the potential to operate as a bullish catalyst, driving the price of Ethereum higher.
However, one of the long-term benefits of merger enhancements is the potential to attract institutional investors to the market.
