Ethereum’s Shanghai Fork Is Coming!

Read on to find out more about this update.

The long-awaited Shanghai hard fork on the Ethereum network will happen in March 2023. The decision was approved just before the new year by the core team of developers, and will allow stakers to withdraw ETH locked in the Beacon Chain staking contract.

What new things will the Shanghai hard fork bring to Ethereum?

The Merge has replaced mining with staking to secure the network and add new blocks to the chain. “Staking” ETH (or ‘stETH’) is currently pegged to Ethereum’s Beacon Chain, and this will be affected the most by the Shanghai update.

After the Shanghai update, stETH users will be able to withdraw their deposits and staking rewards for verifying transactions on the network. The Ethereum Foundation says it has structured the upgrades to “simplify and focus as much as possible on the successful transition to Proof-of-Stake.”

In addition, the developers plan to implement a number of improvements, including the EIP-3540, EIP-3670, EIP-4200, EIP-4750 and EIP-5450 standards. They are needed to implement the EOF (EVM Object Format). After 5 years, the Ethereum Virtual Machine is finally getting an upgrade. EOF will significantly improve scalability and provide other exciting benefits, including the ability to validate and modify smart…