The much-awaited Ethereum Shanghai Upgrade also called “Shapella,” finally goes live. On April 12 at 6:27 PM EDT, the Shanghai Upgrade was implemented. Users are now able to withdraw their staked ETH, making this a significant advancement for Ethereum.
According to beaconcha.in, 285 withdrawals totaling 5,413 ETH, around $10 million had been processed in epoch 194,408 at the time the Shanghai upgrade went live.
At the Shapella Mainnet Watch Party, Ethereum co-founder Vitalik Buterin stated: “we’re in a stage where the hardest and fastest parts of the Ethereum protocol’s transition are basically over. Very significant things still need to be done, but those very significant things can be safely done at a slower pace.”
Also Read: Ethereum Price Surpassed $1.9K, Hype of Shanghai Upgrade?
The Ethereum Shpella Upgrade unlocked around $34.5 Billion in staked ETH. It will take a little longer for stakers who deposited ETH through intermediate staking pools or centralized crypto exchanges to withdraw their funds.
The next significant feature added to the Ethereum network is EIP-4844, which will significantly improve the scalability of rollups on Ethereum as part of the “Dencun” network upgrade which is slated to happen later this year.
Following the Shanghai upgrade, ETH saw a modest increase in price, with a current trading value of $1,913.10, reflecting a gain of over 2% within the last 24 hours. However, no substantial price change has been observed as of now.
Also Read: Shapella Upgrade will unlock $33 Billion worth of ETH Token, a Sign of Selling?
