Ethereum developers have delayed the highly anticipated Shanghai hard fork by about two weeks.
Initially estimated for the end of March, the Shanghai update will now likely roll out sometime within the first two weeks of April. the delay was Announced at an Ethereum developer meeting on March 2.
During the meeting, the main developers reached a consensus that the hard fork would occur approximately a fortnight after the Goerli testnet launch, which was scheduled for March 14. The Goerli testnet will be the last dress rehearsal for the Shanghai hard fork before it is deployed to the mainnet.
Looks like Goerli’s testnet is being upgraded to Shapella
Epoch: 162304
Time: 03/14/2023, 22:25:36 UTCSee you on the other side!
— terence.eth (@terencechain) March 2, 2023
Ethereum core developer and project coordinator Tim Beiko said, “For mainnet, we typically want to give people at least two weeks after the announcement,” before adding, “so imagine Goerli happens on the 14th, everything is going well, on the 16th we agree”. To move forward with mainnet, I think the earliest it gets us is like the first week of April.”
Beiko noted in a Twitter thread on March 2 that they did not explicitly agree on a main date, but will “probably” set a date during the next developer meeting on March 16, “assuming things go well at Goerli.”
We did not explicitly agree on a mainnet date, but assuming things go well at Goerli, we would probably set a date for the next ACDE (March 16).
— timbeiko.eth (@TimBeiko) March 2, 2023
The upgrade from Shanghai Capella (aka Shapella) to Goerli will be the last chance for Ethereum clients and staking providers to ensure that the Shanghai hard fork can run smoothly when it launches on the mainnet.
The long-awaited Shanghai mainnet upgrade will allow for the gradual withdrawal of staked Ethereum from the Beacon Chain.
To maintain the stability and security of the network, ETH withdrawals will be dynamic and will depend on how many validators are leaving at the time. Validators must go through a two-stage process that involves an exit queue and a withdrawal period, so it will happen gradually over time.
(embed)https://www.youtube.com/watch?v=GNhrb5txJ4M(/embed)
There are currently 17.1 million ETH staked in the Beacon Chain representing just over 14% of the total supply. At current asset prices, it is valued at around $28 billion.
Related: Ethereum testnet successfully forks in Shanghai upgrade trial
Furthermore, Shanghai has also been considered bullish for liquid betting providers. Currently, staked ETH is locked on the Beacon Chain and has been since December 2020 when the Ethereum consensus layer was released.
Liquid staking platforms like Lido offer more flexibility and better return opportunities on staked ETH, so an influx of collateral is likely in the months after Shanghai.
