On March 28, the core developers of Ethereum confirmed the Shapella update would go into effect at 10:27 p.m. ) — the execution layer. This will allow full and partial withdrawals with some mechanisms in place to ensure that a flood of ETH does not disrupt the market.
Many community members were happy with the new update and took to social media to express their feelings about the news. A member of the community saying who had serious doubts in the last two years. According to the Twitter user, they weren’t sure if they would ever be able to stop participating. However, the community member believes that the new update solidifies the importance of believing in something that is constantly being improved.
Jesse Pollak also praised the Ethereum developers for being able to push the update within a month of the original timeline. He tweeted:
can we just take a moment to celebrate that withdrawals are being shipped <7 months after the merge, within ~1 month of the original schedule calculation?
this would be a remarkable achievement for any project, let alone one as decentralized and security-focused as ethereum. https://t.co/u7bbk5P0up
— Jesse Pollak (jesse.xyz) (@jessepollak) March 28, 2023
The Shapella hard fork, which is on its way to go live on the Ethereum mainnet, will finally allow Ethereum validators to withdraw their Ether (ETH) from the Beacon Chain. The long-awaited update sparked reactions from community members, from celebrating the news to highlighting other concerns.
Hal Press, the chief executive of crypto hedge fund North Rock Digital, also put price comments aside for praise the Ethereum developers for working to complete the upgrade.
Related: Ethereum co-founder Joe Lubin says there is no chance of ETH being classified as security
While crediting the developers, another community member pointed It is out that the new update could also be the start of something sinister, as some expect the United States Securities and Exchange Commission (SEC) to take action against Ethereum after withdrawals are enabled.
As many responded with serious sentiments, one Twitter user added a bit of fun to the mix, saying it’s time to cash out ETH and “spend it on jpegs”, suggesting staking all the ETH on non-fungible tokens.
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