Ethereum core developers set April 12 for Shanghai hard fork

A target date for the highly anticipated Shanghai hard fork has now been set: April 12. Ethereum core developers approved the target deadline during the All Core Developers Execution Layer #157 call on March 16.

Initially estimated for late March, the Shanghai mainnet upgrade features five Ethereum Improvement Proposals (EIPs), including EIP-4985, which will enable staked Ether (ETH) withdrawals on the Beacon Chain, completing Ethereum’s transition from proof-of-work (PoW) to a proof-of-stake (PoS) consensus.

The target date April 12 at 10:27:35 PM UTC, epoch 620,9536, will now be confirmed by developers on GitHub. The fork was initially forecasted for March, but developers later pushed it back to early April.

Validators will receive rewards payments automatically at periodic intervals in withdrawal addresses. Additionally, stakers can exit positions entirely, reclaiming their entire balance.

According to Etherscan, Ethereum PoS smart contract has attracted over 17.6 million ETH, worth nearly $29.4 billion at the publication time. Analysts predict that the upgrade could trigger a sell-off in the short term, Cointelegraph reported.

Screenshot – Overview Ethereum PoS Smart Contract. Source: Etherscan

The transition to PoS officially started on Sep. 15, 2022 with The Merge, in a significant milestone for the Ethereum network by replacing miners for validators, and introducing ETH staking as a key component for the network. Ethereum’s roadmap has several updates coming after Shanghai, known as the “Surge,” “Verge,” “Purge” and “Splurge.” 

The switch for a PoS consensus could have regulatory implications for ETH and the crypto space. Last September, United States Securities and Exchange Commission Chairman Gary Gensler suggested that the blockchain’s transition might have brought ETH under the regulators’ radar.

After a recent crackdown on crypto firms providing staking services in the U.S., Gensler suggested again on March 15 that proof-of-stake coins might be securities: 

“Whatever they’re promoting and putting into a protocol, and locking up their tokens in a protocol, a protocol that’s often a small group of entrepreneurs and developers are developing, I would just suggest that each of these token operators […] seek to come into compliance, and the same with the intermediaries.”

All Dutch and English crypto news!

Magic Eden launches Bitcoin NFT marketplace

Magic Eden has launched the first fully audited Bitcoin NFT marketplace. The marletplace has integrated two non-custodial wallets to support seamless transactions. Magic Eden now supports NFT...

Litecoin price prediction: LTC outlook ahead of Fed decision

The Federal Open Market Committee will conclude its two-day meeting on Wednesday. This decision will likely have implications for Litecoin and other crypto prices. Economists expect a...

Crypto analyse: zo kan Cardano (ADA) concurrent Ethereum inhalen in 2023

Cardano is gisteren meer dan 11 procent gestegen. Een positieve beweging na een aantal dagen van dalende koersen. In deze analyse richten we ons op...

The impact of the Credit Suisse bank crisis on the crypto market

The show Macro Markets, hosted by Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains...

Beste exchanges

Koop je crypto bij Bitvavo