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12th April Marked As the Launch Date of Ethereum’s Upcoming Crucial Upgrade
Ethereum convened a high-profile meeting on 16th March 2023 called the “Execution Layer Meeting”.
In the meeting, an announcement has been made by Ethereum developers setting up the date of Ethereum’s upcoming crucial upgrade release.
It has been confirmed by developers that the Shanghai-Capella upgrade, also known as ‘Shapella’, shall be officially released on 12th April 2023.
This means that the highly anticipated Ethereum upgrade is scheduled to be launched in a matter of 26 days from today. This has kicked in a great level of anticipation among the entire Ethereum community.
The users must be excited about the new features and the increased utility that the network will be offering them once the upgrade is in place.
Why Shapella Is So Crucial?
Shapella upgrade is aimed at introducing a new withdrawal system in the Ethereum network called “Beacon chain push withdrawals”.
Upon the implementation of the upcoming upgrade, the validators at the network shall be able to facilitate users’ withdrawals.
Ether Coins worth Over $29 Billion Lying In Beacon Chain Contract
Beacon Chain is an Ethereum network-based smart contract that comprises at least 176.805 Million Ether coins.
In terms of value in USD, said coins in the contract are worth more than $29.33 Billion according to the prevailing market value.
It was explained by the Ethereum network earlier that the upgrade shall provide for a new withdrawal mechanism called ‘push withdrawals’.
This push withdrawal mechanism shall however be executed while utilizing the EIP-4895 system, explained Ethereum developers.
As per the documents pertaining to EIP-4895, the system will enable validators to implement withdrawals from the Beacon contract into EVM.
The documents further clarify that the structure of Ethereum’s EIP-4895 has been completely overhauled from ‘pull-based’ to ‘push-based’.
This means that withdrawal requests would necessarily go through the ‘execution layer’ after they have been approved for processing by ‘the consensus layer’.
Shapella’s Launch Was Deferred Previously
It had been previously announced by the Ethereum developers that the highly anticipated upgrade was to be released in March 2023.
The teams working on the upgrade wanted to run it through all the tests and checks so it could be implemented right away. However, things did not go as planned and the upgrade was delayed.
However, the launch was deferred for a month at least with mutual consent and consensus of all concerned, in particular the developers.
In their previous meeting held in February 2023, the developers suggested that the upgrade should be postponed by a month further.
Accordingly, it was unanimously decided to postpone the launch in March. Furthermore, it was suggested that a fresh date for the launch be announced in the next Execution Layer Meeting.
The next meeting was accordingly held on 16th March and the release date was announced to be 12th April 2023.
Other Important Aspects of Shapella Upgrade
Apart from incorporating a ‘push withdrawal’ mechanism, the Shapella upgrade is also destined to incorporate various important changes.
For instance, the upgrade will also apply to other important EIPs such as 3651, 3855, 6049, and 3860.
The implementation of these EIPs would further improve the charges and fees. For instance, the existing size of ‘inticode’ shall be further extended up to 49152.
Resultantly, the gas cost would also include extra costs which shall be charged at the rate of 2 per 32-byte in an inticode.
This extra gas cost factor has been discussed in detail in the documents pertaining to EIP-3860.
For the time being, Ethereum developers have been testing the effects of the upgrades on the testnets. They have already conducted successful tests on a number of testnets and further tests are undergoing.
One of the crucial tests was related to the ‘Goerli testnet’ which also has been completed successfully and the relevant testnet has been upgraded.
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