- Ethereum core developers have decided on the exact date and time for the Shapella upgrade.
- The Shapella upgrade will enable staked ETH withdrawals.
- There is $29.45 billion worth of ETH currently staked.
Ethereum (ETH) is one step closer to releasing one of the most important network upgrades in the blockchain’s history.
On Thursday, core Ethereum developers agreed on when to launch the Shanghai-Capella, or Shapella, upgrade. The Shapella upgrade will enable withdrawals of staked ETH by network validators.
The developers are targeting April 12 as the date to release the upgrade. The exact time for the upgrade is 10:27 a.m. UTC, with epoch number 620,9536.
There are currently 17.680 million ETH staked on the Beacon Chain, which equates to $29.45 billion. Some observers believe unlocking the staked ETH will significantly affect the price of ETH as those that have wanted to sell their ETH will finally be able to do so.
Ethereum core developers have been actively preparing for the Shapella upgrade in the last few months. They’ve successfully rehearsed the withdrawals on three public testnets: Sepolia, Zhejiang, and Goerli.
ETH is currently trading at $1,660, up 2% in the last 24 hours and 8.6% in the last seven days, according to data from CoinGecko. The second largest blockchain has a market capitalization of $200 billion.
On the Flipside
- Some industry observers believe the Shapella upgrade won’t trigger massive ETH sales. Instead, the majority of stakers will move to liquid staking to have more flexibility with their ETH.
Why You Should Care
ETH staking withdrawals are one of the most important Ethereum blockchain upgrades in history. Those who believe there will be massive sell-offs after withdrawals are enabled should consider hedging their positions or having another plan to avoid losing investment value.
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