The highly anticipated Ethereum Shanghai upgrade has been pushed back to April 2023.
Ethereum’s Shanghai upgrade will bring a ton of new features to the Ethereum blockchain.
Once the update is applied, Ethereum merge stakers will be able to withdraw their staked ETH.
Ethereum Shanghai update delayed until April 2023
The upgrade originally due to be deployed in early 2023 has been slightly pushed back to April 2023. After Ethereum switched from a proof of work blockchain to proof of stake, the shanghai upgrade is the next major update on Ethereum’s radar.
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The Shanghai update will bring about updates to the Ethereum Virtual Machine, gas fee reductions for Ethereum layer 2 networks and give Ethereum stakers the opportunity to unstake their holdings that have been locked up in the proof of work Beacon chain.
Although there is no guarantee that such an event will occur, market speculators expect millions of dollars worth of Ethereum to be unstaked and sold on the market following the update, temporarily pushing the price of ETH downwards.
After the successful Ethereum merge, the Shanghai update will push Ethereum further into its new proof of stake era where ETH is deflationary, crypto stakers can earn ETH while validating Ethereum transactions and gas fees are affordable.