Ethereum Shanghai Upgrade Officially Live
The Shanghai Update has officially been activated on the Ethereum blockchain, marking another milestone and bringing improvements to the network.
The much-anticipated Shanghai, or Shapella update has been officially deployed on the Ethereum blockchain as of 22:27 UTC.
This major update marks a significant step forward in the development of the Ethereum ecosystem and promises to bring a host of new features and improvements to the network.
One of the most anticipated features of the Shanghai Update is that it will enable ETH holders to un-stake their tokens from the Beacon Chain.
This has the potential to bring significant implications for the price of ETH as the market may be flooded by the sudden amount of liquidity in ETH.
What you need to know about the Shanghai Update: Read our guide.
According to beaconcha.in, about half an hour after the Shanghai update went live, about 5,413 ETH tokens had been processed for withdrawals (amounting to roughly USD 10 million).
Ethereum validators have staked their ETH tokens since staking took off on the network at the end of 2020. The activation of Shanghai will enable validators to finally un-stake their ETH token and rewards.
However, the price of ETH has been observed to remain stable even after the activation of the Shanghai update. In fact, to the contrary, the price of ETH has surged by up to 6% over the past 24 hours.
This is a significant moment for the Ethereum community, and we can expect to see further developments and improvements to the network in the months and years ahead.
The takeaways
The Shanghai upgrade follows another major Ethereum event – the Merge, where the protocol has switched from proof of work to proof of stake. And this update is just one of many “checkpoints” on the Ethereum roadmap that will bring gradual improvements and refinements in security, efficiency, and scalability.
This succesful update represents a major milestone in the ongoing evolution of the Ethereum blockchain and reaffirms its status as one of the most innovative and exciting cryptocurrency projects in the world.
New to Ethereum? Read our complete guide on the Ethereum blockchain.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated April 17, 2023
