Ethereum Completes Implementation of Shanghai Upgrade on Sepolia Testnet

Advance to Shanghai Upgrade

On February 28, the crypto asset (virtual currency) Ethereum (ETH) implemented the next upgrade “Shanghai/Capella (hereinafter referred to as Shanghai)” on the Sepolia testnet.

Some validators were reported to be offline, but we also confirmed that the block was finalized. After that, Shanghai plans to implement it on the public testnet “Goerli”, and then on the production environment, the Ethereum mainnet.

Shapella is live and finalized on Sepolia #Sepolia Shapella

Next would be Goerli, then Mainnetpic.twitter.com/NGXTW9ibDe

—parithosh | (@parithosh_j) February 28, 2023

connection: Ethereum plans to launch new testnet “Holli” to improve test environment

The official website still states that the mainnet will be implemented until June 2023. In the past, the implementation target was set for March, but now there is a view that it will be April.

The Ethereum Foundation announced last month that this Sepolia upgrade will take place in the 56832 epoch. “Shanghai/Capella” is also called “Shapella” by combining the two words.

connection: Ethereum to implement ‘Shanghai’ upgrade on Sepolia testnet

In Shanghai, the staked Ethereum withdrawal function will be implemented, so it is attracting a lot of attention from investors. Currently, Ethereum allows staking, but not withdrawals.

connection:Thorough comparison of domestic exchange staking services | Explanation of Ethereum staking procedures

According to the official website of Ethereum, the amount of Ethereum staked at the time of writing this article is approximately 16.92 million ETH (equivalent to 3.7 trillion yen). There is a view in the market that this Ethereum will lead to selling pressure, so companies such as Binance and Coinbase are analyzing it.

On the other hand, there is also a positive view that the implementation of the withdrawal function will stimulate future staking demand, and Shanghai is summarized in the following article. While many speculate that Shanghai will be held at Goerli in March, the Ethereum Foundation has said it will announce a new date.

connection: What is the ETH “Shanghai” upgrade?Summary of each company’s view on staking cancellation and ETH selling pressure

Upgrade after Shanghai

Ethereum changed its consensus mechanism to Proof of Stake (PoS) in last year’s major upgrade, “The Merge.” Recently, attention is focused on the next upgrade, Shanghai, due to the approaching timing and the implementation of the staking withdrawal function, but Ethereum is planning to implement various functions in the future. It is

Ethereum co-founder Vitalik Buterin said last July that Ethereum was 55% complete even after the PoS transition was complete.

connection: Ethereum co-founder Buterin talks about the “four-part update” concept after merging

In December last year, Tim Beiko, who does protocol support for Ethereum, introduced “Cancun” as the next upgrade for Shanghai. Cancun plans to implement Ethereum improvement proposal EIP-4844.

EIP-4844 is a proposal to implement a feature called “Proto-Danksharding”. If this function is implemented, there is a view that it will be possible to make L2 fees up to 100 times cheaper, and this is also attracting a lot of attention.

connection: Ethereum to implement “EIP-4844” to reduce L2 fees up to 100 times

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