2022-12-09 10:00:00

Shanghai Hard Fork for Ethereum is Scheduled for March 2023

The 151st Ethereum Core Developers Meeting took place on December 8, and discussions revealed that core programmers had set a possible timeframe of March 2023 for Ethereum’s Shanghai hard fork.

 

Additionally, programmers plan to roll out the Ethereum Improvement Protocol 4844 update, bringing proto-danksharding to the network in May or June 2023.

 

Despite completing the eagerly awaited proof-of-stake Merge upgrade on September 15, staked Ether is still locked on the Ethereum Beacon Chain. With around 3.5 million stETH $4.48 billion in circulation, the decentralized financial protocol Lido developed the token.

 

Users of stETH can withdraw their money after the Shanghai upgrade, including any applicable staking incentives for confirming network transactions.

 

According to the Ethereum Foundation, this organizational strategy was used to “simplify and optimize attention on a successful transition to proof-of-stake” throughout the upgrades.

 

The EIP-4844 upgrade is intended to introduce a new data-blob-transaction prototype initially created by developers on February 21, 2022, following the hard fork.

 

Optimistic Rollups, a layer-2 technology, allows Ethereum processing and network storage to be moved off-chain, increasing scalability by 10x to 100x.

 

The capacity of rollups is expected to increase by up to 100x with the introduction of big portable bundles that can hold cheaper data in Ethereum transactions. While the change will reduce transaction costs for layer-2 solutions, it will not impact the Ethereum gas cost.

 

Vitalik Buterin, the co-founder of Ethereum, stated last December that his ultimate goal was for the blockchain to function as a superficial base layer, with users ” entirely at ease keeping their assets in a ZK rollup operating a complete EVM.”

 

Buterin cautioned that complex technologies include sharding and data availability sampling. Their implementation would require years of audits and improvement.

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