Shanghai upgrade pushed back to early April by Ethereum core developers

A two-week delay has been announced for the highly-anticipated Shanghai hard fork.

Originally scheduled for late March, the Shanghai upgrade will likely be deployed within the first two weeks of April. On March 2, Ethereum developers were informed of the delay.

Core developers agreed that the hard fork would take place about a fortnight after the Goerli testnet launch, which has been scheduled for March 14. Before the Shanghai hard fork goes live on the mainnet, the Goerli testnet will serve as the final dress rehearsal.

When it comes to the mainnet, Tim Beiko, an Ethereum core developer and project manager, said, “We usually want to give people at least two weeks after the announcement.” Suppose Goerli takes place on the 14th, everything goes according to plan, and we decide to move forward with mainnet on the 16th — I believe the earliest is in the first week of April, he continued.

They did not expressly agree on a mainnet date, but Beiko said on Twitter on March 2 that they “probably” will pick one during the next devs meeting on March 16 “provided things go well on Goerli.”

The Shanghai Capella (also known as Shapella) upgrade to Goerli will be the final opportunity for Ethereum clients and staking providers to ensure the Shanghai hard fork runs smoothly when it goes live on the mainnet.

Ethereum placed in the Beacon Chain will be able to be gradually withdrawn thanks to the eagerly anticipated Shanghai mainnet update.

To maintain network stability and security, ETH withdrawals will be dynamic and will be determined by the number of validators exiting at the time. Validators must go through a two-stage process that includes an exit queue and a withdrawal period, which will occur gradually over time.

Currently, 17.1 million ETH are staked on the Beacon Chain, accounting for slightly more than 14% of the total supply. It is worth around $28 billion at current asset prices.

Furthermore, Shanghai has been viewed favorably by liquid staking providers. Staked ETH is currently locked on the Beacon Chain and has been since December 2020, when the Ethereum consensus layer was released.

In the months following Shanghai, there may be an increase in collateral due to the flexibility and greater yield chances that liquid staking platforms like Lido give on staked ETH.

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