Ethereum Launches Testnet for Shanghai Upgrade: Here's What's Next
Staked ETH withdrawals and lower gas fees are among the developments expected with the upgrade.
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Withdrawal of staked ETH and lower gas fees are among the expected developments with the next critical upgrades to the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now start working on implementations; a process that is expected to continue until September 2023.
This is the first major update since Ethereum consensus switched to proof-of-stake (PoS) in September after the Mainnet and Beacon chains merged.
Additionally, the upcoming update introduces a basic change to the Ethereum Virtual Machine (EVM), the technology that powers network smart contracts. EIP-3540, or EVM Object Format, is one of the most anticipated updates from the community because it separates encoding from data, which could be beneficial for on-chain validators. Galen Moore, Head of Content at Axelar, informed Cointelegraph of the proposal:
“From my perspective, the EIP 3540 is the most significant upgrade proposed for Shanghai. It is another step towards interoperability within the Ethereum ecosystem. 2 on Ethereum use a tedious code validation process. EIP 3540 separates code and data, making this process more efficient. This is especially good news for the growing ecosystem of Polygon Supernets - dAppchains built on Polygon Edge."
Another expected proposal is EIP-4895, which will allow withdrawals of staked ETH and earned rewards via the Beacon Chain. In order to ensure network stability, validators with staked ETH are currently unable to withdraw funds directly.
Related: Does the Ethereum Merger Offer a New Destination for Institutional Investors?
Among the proposals under consideration, the upgrade will also introduce changes to Layer 2 protocols, reducing gas prices by equalizing block sizes and increasing...
Staked ETH withdrawals and lower gas fees are among the developments expected with the upgrade.
New
Withdrawal of staked ETH and lower gas fees are among the expected developments with the next critical upgrades to the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now start working on implementations; a process that is expected to continue until September 2023.
This is the first major update since Ethereum consensus switched to proof-of-stake (PoS) in September after the Mainnet and Beacon chains merged.
Additionally, the upcoming update introduces a basic change to the Ethereum Virtual Machine (EVM), the technology that powers network smart contracts. EIP-3540, or EVM Object Format, is one of the most anticipated updates from the community because it separates encoding from data, which could be beneficial for on-chain validators. Galen Moore, Head of Content at Axelar, informed Cointelegraph of the proposal:
“From my perspective, the EIP 3540 is the most significant upgrade proposed for Shanghai. It is another step towards interoperability within the Ethereum ecosystem. 2 on Ethereum use a tedious code validation process. EIP 3540 separates code and data, making this process more efficient. This is especially good news for the growing ecosystem of Polygon Supernets - dAppchains built on Polygon Edge."
Another expected proposal is EIP-4895, which will allow withdrawals of staked ETH and earned rewards via the Beacon Chain. In order to ensure network stability, validators with staked ETH are currently unable to withdraw funds directly.
Related: Does the Ethereum Merger Offer a New Destination for Institutional Investors?
Among the proposals under consideration, the upgrade will also introduce changes to Layer 2 protocols, reducing gas prices by equalizing block sizes and increasing...
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