Mar 03, 2023
Ethereum Shanghai Hard Fork Delayed to April
The Ethereum developers have announced that the much-awaited Shanghai hard fork will now take place in the first two weeks of April. This is two weeks later than the initially estimated late March date. The delay was announced at an Ethereum developer meeting on Mar. 2.
The Goerli testnet will be the final dress rehearsal for the Shanghai hard fork before it is rolled out on the mainnet. This testnet will be upgraded to Shapella (also dubbed Shanghai Capella) and is expected to launch on Mar. 14.
Tim Beiko, an Ethereum core developer and project coordinator, said that the earliest the hard fork could take place is the first week of April. He also added that the developers would probably set a date for the mainnet during the next developers meeting on Mar. 16, assuming the Goerli testnet goes well.
The Shanghai mainnet upgrade will be a major milestone for Ethereum, as it will allow the phased withdrawal of Ethereum staked from the Beacon Chain. This withdrawal process will be dynamic and dependent on the number of validators exiting at the time.
Currently, 17.1 million ETH is staked on the Beacon Chain, representing just over 14% of the entire supply. At current asset prices, it is valued at around $28 billion.
The Shanghai hard fork will also be a boon for liquid staking providers, such as Lido. These platforms offer more flexibility and better yield opportunities on staked ETH, and may see an influx of collateral in the months following Shanghai.
The web3 space is abuzz with anticipation of the Shanghai hard fork, as it has the potential to revolutionise the NFT market. NFTs have been gaining traction as a form of digital asset promotion, and the Shanghai upgrade will bring new opportunities for Twitter NFT marketing, as well as the development of NFT marketing agencies and web3 agencies specialising in selling NFTs.
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