The Ethereum Shanghai upgrade: Everything you need to know
Ethereum has just had its first major upgrade, or “hard fork,” since transitioning to a proof-of-stake system. The Shanghai upgrade allows validators to withdraw the staked ether (ETH) that has been locked in the network.
While the primary objective of the upgrade is to implement Ethereum Improvement Proposal-4895, which unlocks validator withdrawals, the changes include other significant upgrades that will impact Ethereum app developers and many of the chain’s users.
The Ethereum blockchain network has undergone a number of upgrades and changes since its initial launch in July 2015. Some of the most significant:
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These upgrades have brought numerous improvements to the Ethereum network across security, efficiency and scalability and have enhanced the functionality of the network.
The upgrade is set to change the way the blockchain functions. One of the key changes is a reduction in gas fees for layer-2 solutions like Polygon and Optimism. This update aims to enhance the overall functionality of the blockchain while reducing transaction costs.
Another significant change is the ability for users to access and unstake their Ethereum tokens, which were previously locked in a smart contract when they became validators on the proof-of-stake-based Ethereum blockchain known as the Beacon Chain. This update provides users with more flexibility when managing their staked ETH tokens.
The Shanghai update brings technical improvements to the smart contract feature, which will help to position Ethereum as a major player, reflecting Ethereum’s ongoing efforts to
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