The highly anticipated "Ether Stake Withdrawal" is coming. Not long ago, the core developers of Ethereum tentatively set the date of "Shanghai Upgrade" as April 13th, and after a week of deliberation, the Ethereum Foundation has now released an official timetable, saying that the upgrade will definitely take place on April 13th. Launched on the 13th of the month.
The Ethereum Foundation announced that the Shanghai upgrade (also known as Shapella) will be launched when the Mainnet reaches "Epoch 194,048", and the time point will fall around 6:27:35 am on April 13th, Taipei time.
All the focus of the Shanghai upgrade is on one thing: allowing staked ether to be unlocked and withdrawn. Since Ethereum launched the pledge in December 2020, it has embarked on the journey of the Proof-of-stake of Stake (Proof of Stake) consensus algorithm. Those validators who have locked funds for pledge cannot withdraw these funds.
Specifically, Ethereum Improvement Proposal EIP-4895 would enable withdrawals by “pushing” staked Ether from the beacon chain to the Ethereum Virtual Machine (EVM).
According to official data, the current number of validators on the Ethereum network has exceeded 550,000, and the total amount of pledges has exceeded 17.81 million ETH. Calculated according to the current currency price, this means that Ethereum may gradually release 31.6 billion US dollars of assets. ether.
While the Shanghai upgrade will open up withdrawals for stakers, the development team has put in place various mechanisms to ensure that a large amount of Ether does not flood the market at once.
Recommended reading: Ethereum "Shanghai Upgrade" is coming: Is it long or short for Ethereum?
Since the merger last year, ethereum developers have conducted extensive testing to ensure that pledged ether withdrawals will work properly. In general, the three tests of the Ethereum test network are generally running smoothly, except that the last test network Hard fork on Goerli was not upgraded in time, so the participation rate was low, until about 90% after the fork went online. Minutes to complete the block.
Ethereum core developer Tim Beiko said he is confident that similar problems will not arise with the Shanghai upgrade, as validators now have sufficient financial incentives and incentives to update the Mainnet.
Recommended reading: Ethereum "Shanghai Upgrade" enters the countdown! Binance: Open staking and withdrawal within one week after the upgrade
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