After its successful September 15th Merge, the Ethereum network plans to release several upgrades. In a recent update, the network is closer to implementing the Shanghai upgrade.
Ethereum Implements First Mainnet Shadow Fork
The mainnet shadow fork will enable Ethereum validators to begin testing withdrawals and making preparations for deploying the Shanghai upgrade on the mainnet. Moreover, the highly anticipated upgrade will take place in March.
Since Ethereum’s move to the proof-of-stake (PoS) consensus mechanism, its stakers’ rewards have been locked on the network. Hence, validators asked for the upgrade so they could withdraw their assets.
Meanwhile, the developers executed the mainnet shadow fork on January 23rd, although there were some minor issues. However, Marius Van Der Wijden, an Ethereum core developer, assured the community that they have addressed all such issues.
Currently, the Ethereum staked amount is worth about $26.5 billion. Meanwhile, developers had intended to introduce additional enhancements with the Shanghai upgrade.
Unfortunately, they have put these plans on hold to prioritize the release of stakers’ rewards. Although crypto community members are waiting for the March Shanghai upgrade, some Ethereum developers brought up some major issues last week.
Also read:One such issue is that the public is pushing them to rush the upgrade.
ETH Developers Complain About Rushed Shanghai Upgrade
According to the core developers, the Shanghai upgrade is more about accommodating public demands than ensuring the long-term well-being of Ethereum. Some developers noted that some features should be part of the Shanghai upgrade.
But others argue that these additions can be introduced at the next upgrade. However, some Ethereum developers expressed concerns that the non-addition of the feature as part of the Shanghai upgrade may lead to technical debt, which could complicate long-term development.
Furthermore, they stated that changing the encoding method of the network now is the right choice instead of having to do so later. In the meantime, Ethereum stakeholders are preparing for the launch of the Shanghai upgrade.
Although users can withdraw their tokens after the Shanghai upgrade, there is a catch. Ethereum has placed a limit on withdrawal amounts to avoid withdrawal congestion.
According to on-chain data, the number of validators on the Ethereum network recently crossed 500,000. Meanwhile, ETH’s price has been rallying in 2023 after its colossal fall last year. According to Coingecko, the price of the leading altcoin currently trade around the $1,500 mark.
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