The Ethereum Foundation announced on November 24th that developers had reached consensus on eight Ethereum improvement proposals (EIP) for the Shanghai update. This update follows the Merge and the transition from proof-of-stake to the next major upgrade.
As one of the features expected to be included in Shanghai’s hard fork, Beacon Chain’s Ether (ETH), is set to be unlocked. This will allow users to withdraw their assets along with the upgrade. It will also enable those who have staked Ethereum prior the Merge to gain access to these tokens and any other rewards.
Unlocked ETH should be made available in the 6-12 months following the Merge, according to a previous roadmap.
EIP 4844 is one of the accepted ideas. Proto-danksharding technology is the focus of this proposal. It is expected that it will increase network throughput and reduce transaction costs. This would be a huge benefit for everyone. Scalability.
EIP 3540 and EIP 3670 are other EIPs that deal with modernizing Ethereum Virtual Machines.
The Shanghai testnet version was one of the most anticipated updates for the community. It was named Shandong and launched on October 18. This version allows developers the ability to work on Ethereum Virtual Machine (EVM), object formats. This update is the most anticipated because it separates data and coding, which could be advantageous for on-chain validation.
