The long-awaited Ethereum Shanghai Upgrade, also known as “Shapella,” is now operational. The Shanghai Upgrade went into effect at 6:27 PM EDT on April 12. This is a significant development for Ethereum because users can now withdraw their staked ETH.
According to beaconcha.in, 285 withdrawals totaling 5,413 ETH, around $10 million had been processed in epoch 194,408 at the time the Shanghai upgrade went live.
We’re in a stage where the hardest and fastest parts of the Ethereum protocol’s transition are essentially over, Ethereum co-founder Vitalik Buterin said at the Shapella Mainnet Watch Party. Although there are still important tasks to complete, they can be completed safely at a slower pace.
In staked ETH, the Ethereum Shpella Upgrade unlocked about $34.5 billion. Stakeholders who deposited ETH through centralized cryptocurrency exchanges or intermediate staking pools will need to wait a little longer to withdraw their money.
EIP-4844, which will significantly increase the scalability of rollups on Ethereum as part of the “Dencun” network upgrade, is the following significant addition to the Ethereum network. This upgrade is scheduled to occur later this year.
After the Shanghai upgrade, ETH’s price increased slightly; it is currently trading at $1,913.10, representing a gain of more than 2% over the last 24 hours. But as of right now, no appreciable price change has been seen.
Compiled by Coinbold
