The Ethereum Foundation has announced that the highly-anticipated Shapella network upgrade will be activated on the Ethereum mainnet on April 12. This decision follows an official consensus reached by core developers, who have been working tirelessly to ensure that the upgrade is implemented smoothly.
The Shapella upgrade is expected to take place during network epoch 194,048, which is a collection of 32 network blocks. The anticipated time for the upgrade is 6:27 p.m. EDT. This upgrade combines the Shanghai and Capella upgrades, which are for the consensus and execution layers, respectively.
One of the most significant upgrades included in the Shapella upgrade is EIP-4895. This Ethereum Improvement Proposal will enable the withdrawal of staked ether for the first time ever. This feature has been highly anticipated by the Ethereum community, as it will provide more flexibility for stakers who wish to access their funds.
In addition to enabling the withdrawal of staked ether, the Shapella upgrade also aims to reduce transaction costs for certain activities. These upgrades have already been tested in various testnets, and have been shown to be effective in reducing the cost of gas fees for transactions.
However, as with any significant upgrade, there is always a risk of vulnerabilities or bugs. To mitigate this risk, the Ethereum Foundation has launched a bug bounty program for Shapella vulnerabilities. This program will continue through April 5, and the reward has been increased to $500,000. This demonstrates the Ethereum Foundation’s commitment to ensuring that the Shapella upgrade is implemented as smoothly and securely as possible.
Overall, the Shapella upgrade represents an important step forward for the Ethereum network. By enabling the withdrawal of staked ether and reducing transaction costs for certain activities, this upgrade will make the network more accessible and efficient for users. The Ethereum community is eagerly anticipating the upgrade and looks forward to its implementation on April 12.