Revolutionary Upgrade Alert: Ethereum’s Shapella to Allow Easy Withdrawals of Staked ETH on April 12th!

"Shapella Upgrade Confirmed for Ethereum Mainnet on April 12, Developers Rejoice as Staked ETH Withdrawals Unlocked"

Ethereum’s much-anticipated Shanghai-Capella upgrade, also known as Shapella, is set to roll out on April 12, according to Ethereum core developer Tim Beiko. The upgrade will enable the withdrawal function for staked ETH and unlock over 16 million stETH, developers say. This update is perhaps Ethereum’s most significant upgrade since The Merge back in September 2022. The Merge switched Ethereum’s blockchain from a proof-of-work consensus model to proof-of-stake, replacing miners with stakers and charting a new energy-efficient course for crypto’s second-largest blockchain.

Since The Merge, Ethereum’s token supply has seen a deflationary state at least twice, and validators on the network have significantly increased to over 500,000. These validators perform similar tasks as miners, confirming PoS blocks, transactions, and contributing to network security. The Shapella upgrade will unlock over 16 million ETH, around 20% of Ether’s supply, locked up by validators and stakers since 2020. The Shanghai-Capella upgrade meant to unlock staked Ether (stETH) and enable withdrawals for stakers will roll out on Ethereum’s mainnet come April 12, core developer Tim Beiko confirmed to the crypto community on Tuesday.

Liquid staking provider Lido Finance, which currently dominates the ETH staking scene with around 30% market share, announced a delay in enabling stETH withdrawals. The protocol started testing stETH withdrawals on the Goerli public testnet on Mar 20, roughly a week later than initially planned. Lido shared that the delay was caused by seven audits for its V2 mainnet launch, which the protocol said would align with Ethereum’s upgrade and bolster security on the liquid staking platform. The protocol plans to leverage an additional two-week safety margin and enable stETH withdrawals by mid-May.

The Shapella upgrade is a witty mix of Shanghai and Capella and is expected to enable the withdrawal function for staked ETH. This upgrade is significant because it will unlock over 16 million ETH, around 20% of Ether’s supply, locked up by validators and stakers since 2020. The upgrade will also enable withdrawals for stakers and is set to roll out on Ethereum’s mainnet on April 12. Ethereum core developer Tim Beiko confirmed the news to the crypto community on Tuesday.

Since The Merge, Ethereum’s token supply has seen a deflationary state at least twice, and validators on the network have significantly increased to over 500,000. These validators perform similar tasks as miners, confirming PoS blocks, transactions, and contributing to network security. The Shapella upgrade is expected to contribute to the security of the network and chart a new energy-efficient course for crypto’s second-largest blockchain.

Liquid staking provider Lido Finance, which currently dominates the ETH staking scene with around 30% market share, announced a delay in enabling stETH withdrawals. The protocol started testing stETH withdrawals on the Goerli public testnet on Mar 20, roughly a week later than initially planned. Lido shared that the delay was caused by seven audits for its V2 mainnet launch, which the protocol said would align with Ethereum’s upgrade and bolster security on the liquid staking platform. The protocol plans to leverage an additional two-week safety margin and enable stETH withdrawals by mid-May.

Martin Reid

Martin Reid

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