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The Shanghai hard fork will enable validators to withdraw their staked ether on Ethereum’s proof-of-stake network.
Ethereum’s highly anticipated Shanghai upgrade, also known as “Shapella,” is one step closer to going live on the mainnet blockchain following a successful test of staked ether (ETH) withdrawals on the Goerli test network (testnet) on Tuesday.
The Shanghai Hard Fork Completes Ethereum’s Transition to a PoS Network
The upgrade will complete Ethereum’s transition to a proof-of-stake (PoS) network, allowing validators to withdraw their staked ether and rewards earned from adding or approving blocks to the blockchain. The Shanghai hard fork will also address gas fees and scalability issues.
Goerli Testnet Successfully Processes Staked ETH Withdrawals
The test of staked ETH withdrawals on the Goerli testnet was the final dress rehearsal for the Shanghai upgrade. It triggered at epoch 162304 at 10:26 UTC, but the epoch has not yet finalized due to low validator participation rates. The validator participation rate was only 29%, which is low for Ethereum, and likely due to validator nodes not upgrading in time for the Goerli fork. The test was successful in processing staked ETH withdrawals, but the mainnet upgrade date is yet to be announced.
Ethereum Developers to Announce Mainnet Upgrade Date Soon
Ethereum developers are expected to announce the mainnet upgrade date for the Shanghai hard fork during their biweekly call on Thursday. During the last call, developers discussed a target date in early April, a slight deviation from their initial timeline set for March. The successful test of staked ETH withdrawals on the Goerli testnet is a positive sign for the Shanghai upgrade’s progress, and the Ethereum community eagerly awaits its activation on the mainnet blockchain.
Benefits of the Shanghai Hard Fork for Ethereum Network
The Shanghai hard fork will be Ethereum’s third major upgrade this year, following the London and Berlin hard forks. Testnets like Goerli are used to mimic a main blockchain, allowing developers to patch any bugs before any upgrades are deployed on the mainnet. Goerli was the last of three testnets to run through such a simulation, and the most anticipated given its large validator set and close mimicry of the Ethereum blockchain’s activity.
In conclusion, Ethereum’s Shanghai hard fork is progressing well, with the final test of staked ETH withdrawals on the Goerli testnet being successful. The hard fork will complete Ethereum’s transition to a PoS network and enable validators to withdraw their staked ether and rewards. While the mainnet upgrade date has yet to be announced, Ethereum developers are expected to do so during their biweekly call on Thursday. The Ethereum community is excited for the Shanghai hard fork’s activation on the mainnet blockchain and the benefits it will bring to the network’s scalability and gas fees.