On April 12, the Shapella hard fork will go live on the Ethereum (ETH) mainnet. Ethereum core developers have verified that it will launch at epoch 194048, exactly 10:27pm UTC on the specified date.
Ethereum Enhancement Proposal EIP-4895 makes it possible to withdraw by moving staking ether from the Beacon chain to the Ethereum Virtual Machine (EVM), also known as the execution layer.
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Tim Beiko, a key Ethereum developer, led the week-long discussion among the other members of the Ethereum Foundation to choose the time, epoch, and space, which was eventually verified. Also, the hard fork will allow for partial or full transactions. Several new security measures will be implemented to ensure that the ether flood does not harm the market.
Furthermore, the Ethereum Foundation stated that it would double the incentive for any flaws that were discovered in the Shapella code. Depending on the severity of the glitch, successful bounty hunters can expect to earn a reward of between $2,000 and $250,000 for their efforts.
Binance Will Support Shapella Upgrade
One of the largest cryptocurrency exchanges under a regulatory war with the CFTC, Binance, said it would support the upcoming Shapella upgrade of the Ethereum (ETH) network.
At launch, the Ethereum network will momentarily halt ETH and ERC-20 token deposits and withdrawals due to the upgrade. However, trading of Binance ETH and ERC-20 tokens will continue as normal during the update.
Binance also announced that it would increase the Ethereum network’s minimum deposit to unlock the current 12 block count to 64 blocks when the Shapella upgrade is complete. This setting ensured that the network remained secure and reliable after the upgrade.
If a client has ETH or ERC-20 tokens stored in their Binance account, the exchange will handle all the technical details on their behalf. When the reliability of the upgraded network has been validated, Binance will reopen deposits and withdrawals of ETH and ERC-20 tokens.
