• Ethereum upgrade “Shanghai Fork” is due in March
• Staked Ether can be deducted after upgrade
• ETH outflows are tested beforehand – next simulation at the end of February
The crypto world is looking forward to the Ethereum upgrade “Shanghai Fork”, which is planned for the month of March. It is the biggest update since the Ethereum merge in September 2022, which switched the blockchain from the energy-intensive proof-of-work to the more environmentally friendly proof-of-stake process.
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The Ethereum users who wanted to participate in the blockchain as validators could spend 32 of their ETH tokens, which were firmly anchored in the blockchain, for this purpose, in return for which the crypto users received Ether again as a kind of return. This type of participation in the blockchain is called staking. However, Ethereum stakers have not been able to withdraw their tokens or crypto rewards so far. That will change with the Shanghai Fork. From now on, validators will be able to freely determine their staked ETH tokens. This applies not only to validators from the very beginning, but to any user who decides to stake their ether.
Staked Ether can be withdrawn after Shanghai Fork
While the new update is not a change in the magnitude of the merge, there could be large price swings if numerous validators decide to withdraw their staked ether at the same time. To ensure that the Shanghai Fork goes as smoothly as possible, the whole thing has already been tested. In early February, for example, there was a successful simulation of the outflow of staked ETH on the Zheijiang testnet. This is a publicly accessible testnet in which all interested parties, including staking providers, could participate in the test.
Second test run scheduled for late February
Ethereum has now scheduled a second test run for February 28, 2023. This time the simulation will take place on the closed Sepolia network, which is reserved exclusively for Ethereum developers.
Sepolia Shapella, we have a time!
2/28/2023, 4:04:48 AM UTC ⏰ pic.twitter.com/QHWi3FPtrv
– terence.eth (@terencechain) February 10, 2023
After the Sepolia test run, a third, final test will take place on the Goerli network before the Shanghai fork goes live. According to CoinDesk, Goerli is the largest public test network, which is why this last simulation should also attract the most interest.
According to Ethereum developer Barnabas Busa, the three tests differ in “the number of participating visitors and the network load,” he told the crypto news portal. Now it only remains to be seen whether the second test will also be successful.
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