In a recent development, Ethereum developers delayed the highly-anticipated Shanghai hard fork by approximately two weeks.
The Shanghai upgrade, which was originally scheduled for late March, will now most likely be implemented within the first two weeks of April. On March 2, an ETH Developer meeting announced the delay.
During the meeting, core developers agreed that the hard fork would take place about a fortnight after the Goerli testnet launch, which is scheduled for March 14. The Goerli testnet will serve as the final dress rehearsal for the Shanghai hard fork before it goes live on the mainnet.
“For mainnet, we usually want to give people at least two weeks after the announcement,” said Ethereum core developer and project coordinator Tim Beiko, before adding, “so imagine Goerli happens on the 14th, everything goes well, on the 16th we agree to move forward with mainnet — I think the earliest that puts us is like the first week of April.” Beiko stated on Twitter on March 2 that they did not explicitly agree on a mainnet date, but that they will “probably” set one during the next developers meeting on March 16, “assuming 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. The long-awaited Shanghai mainnet upgrade will allow Ethereum staked on the Beacon Chain to be withdrawn in stages.
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, liquid staking providers have viewed Shanghai favorably. Staked ETH is currently locked on the Beacon Chain and has been since the Ethereum consensus layer was released in December 2020
Liquid staking platforms, such as Lido, provide greater flexibility and higher yields on staked ETH and may see an influx of collateral in the months following Shanghai.