Shanghai Upgrade All Set For March as per Ethereum Developers

  • Developer Network 2 (or “devnet 2”) was released this week to help client teams.
  • The ability to withdraw ETH will finally go live with the Shanghai upgrade.

The Ethereum core development team has said that they are making steady progress toward their March launch objective for Shanghai and the addition of staked ETH withdrawals to the Ethereum network.

Developer Network 2 (or “devnet 2”) was released this week to help client teams fine-tune the ETH withdrawal procedure. A developer call held on Thursday indicated that the launch of the network was successful with just a few minor issues.

Withdrawing Staked ETH 

The core feature of Ethereum’s long-awaited Shanghai update, the ability to withdraw ETH, will finally go live. The “merge” update in the past switched Ethereum to a proof-of-stake architecture, whereby users validate transactions and maintain network security by committing ETH to the network. Additionally, these validators get freshly mined ETH for their efforts.

To prepare for the update, Ethereum staking was made available to network users even before the merging. As of right present, the staking contract contains ETH valued at around $22.7 billion. Unfortunately, unstaking remains a pipe dream for these people, and the ETH they promised remains permanently locked away.

If everything goes as planned, this feature will be included with the Shanghai update to Ethereum. For instance, the Shanghai upgrade was supposed to include a number of other highly anticipated upgrades, such as proto-danksharding, a simplified data-sampling procedure that would significantly reduce the cost and increase the speed of layer-2 transactions on Ethereum. Shanghai finally abandoned proto-danksharding in favor of speeding up the rollout of ETH withdrawals. Instead, the rollout of the functionality is anticipated for later on this year.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.