Ethereum (ETH) Its developers announced today that the network’s next hard fork, called “Shanghai,” is targeted for release in March 2023. This upgrade will include code known as EIP 4895, which will allow Beacon Chain staked ETH withdrawals.
Staked Ethereum Tokens Will Also Be Unlocked
The developers also agreed to address the implementation in Shanghai of the EVM Object Format (EOF), a collection of EIPs that enhances the Ethereum Virtual Machine, the environment through which Ethereum can execute smart contracts. These Ethereum Improvement Proposals (EIPs) are EIP 3540, EIP 3670, EIP 4200, EIP 4570, EIP 5450.
If the EOF appears too complex to be implemented until the next All Core Developers meeting scheduled for January 5th, the developers have agreed to postpone the EOF to autumn so as not to delay staked ETH withdrawals.
The developers also agreed on a second hard fork in the fall of 2023 that will address another major scaling upgrade called proto-danksharding, also known as EIP 4844. EIP 4844 will make Ethereum more scalable through sharding, a method of “sharding” the network as a way to increase its capacity and lower gas fees.
The two forks will give developers enough time to focus on each issue and reduce the pressure on those who keep their ETH (and accumulated rewards) locked in the Beacon Chain staking smart contract.
Now that the exact scope of what will be included in Shanghai is largely determined, Ethereum developers will continue to work on testing the code.
*Not investment advice.
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