The Ethereum Shanghai Capella, or “Shapella” upgrade completed successfully. This long-awaited update marks a huge milestone for the ethereum ecosystem, completing the famous move towards a full proof-of-stake consensus mechanism.
Withdrawals after update
At 22:27 UTC, the update started and was completed around 22:42 UTC. Approximately 285 withdrawals at epoch 194,408, valued at around $5,413 ETH ($10 million), were executed within half an hour of the update going live.
In the next four to five days, investors will have access to 1.2 million ETH tokens worth approximately $2.3 billion at current prices, according to CoinMetrics data.
Notably, only about 18 million ETH placed on the network can be withdrawn at a time, as this has been limited. For the next 18 months, only 1,350 full validators will be able to earn your interest each day. Because each validator stakes 32 ETH, no more than 43,200 ETH, or $83 million at current prices, they can enter the market on a daily basis.
Implications for ethereum
The Shapella problem showed how vital proof and security are when creating blockchain systems. He also demonstrated some of the problems with the current ethereum system, especially regarding scalability and speed of transactions.
Furthermore, the event showcased the strength of the ethereum community and its decentralized control model. The platform can have issues and improve over time, as evidenced by how quickly the bug was fixed and how it was fixed.
(embed)https://www.youtube.com/watch?v=tAzFNvgEQyQ(/embed)
Other Shanghai Update Improvements
In addition to allowing withdrawals, the Shanghai update includes other improvements, such as a basis for conditional or cancelable payments, features that will reduce contract size and certain contract risks, and changes that will lower gas fees for developers. It also adds a feature that allows validators who have already staked ETH on-chain to take those tokens off-chain for the first time.
The next big ethereum upgrade will be called “Cancun”. It will include proto-dank sharding, a feature that aims to improve scaling by making fees and transaction times better. Although the Shanghai update was a big deal for ethereum, there are still a lot of important things to do. However, ethereum founder Vitalik Buterin said that these important things could be done safely at a slower pace.
