Shanghai looms on the horizon – The network Ethereum definitely moved to Proof of Stake last September. Now validators are waiting for withdrawals to open, which will make the PoS complete. Good news, the date of the highly anticipated Shanghai hard fork on Ethereum has been set for April 12.
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The big day is coming: ETH withdrawals soon allowed
The mainnet upgrade Shanghai includes five Ethereum Improvement Proposals (EIPs). Among these proposals, EIP-4985 is by far the most anticipated. Indeed, she will allow the withdrawal of ETH deposited in stakingcompleting the transition from Ethereum to Proof of Stake.
At the All Core meeting #157 on March 16, the developers agreed on a Shanghai deployment date of April 12. Thus, on April 12 at 11:27 p.m. French time, i.e.epoch 6 209 536, the Shanghai hard fork will be deployed on the ethereum mainnet.
In practice, the fork was originally scheduled for March, but the developers pushed it back to early April. Indeed, the latter took longer than expected to prepare the shanghai deployment on the Sepolia then Goerli testnets.
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Security mechanism: developers do not want to take any risks
The Proof of Stake allows Ethereum to ensure its consensus and the security of its chain. Thus, too massive a wave of ETH withdrawal at the time of the Shanghai rollout could put the network at risk.
To avoid any security risk and excessive leakage of ETH, the developers have implemented security mechanisms.
Thus, withdrawals will be processed using a first-come, first-served queue. Moreover, the developers have established a daily withdrawal limit. Indeed, the network can process around 2,200 full withdrawals (the 32 ETH) per daylimiting ETH leakage to 0.4% of the total deposited per day.
This will also mark the opening of withdrawals for accumulated rewards. Indeed, the validation rewards are accumulated on the same address as the 32 ETH. These rewards will be automatically withdrawn to a user-defined address, as explained on the official site :
“Any balance over 32 ETH earned through rewards will be automatically withdrawn as a reward payment every few days. Other than providing a withdrawal address once, these rewards require no action from the validator operator. Everything is initiated at the consensus level, so no gas (transaction fees) are required at any stage. »
At the same time, the Ethereum network has undergone a major evolution. In effect, the ERC-4804 has been finalized and it allows the use of “web3://” URLs which will allow more decentralization for dApps.
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