The architects of the Ethereum (ETH) network have disclosed a new probable date for the highly awaited Shanghai upgrade, bringing the prospect of accessing staked ETH one step closer to investors.
The April 12 deadline for the Shanghai-Capella upgrade, also known as Shapella, for the leading Ethereum network was decided upon by the network’s core developers at a meeting on March 16.
The developers claim that the Shapella update went live on the Goerli testnet, the last stop before the mainnet launch, with flying colors.
Epoch 620,9536, which corresponds to 10:27 a.m. UTC on April 12, 2019, will mark the time of the update.
What the Shapella update will entail
The update’s primary attraction is EIP 4895, which implements validator staking withdrawals on the leading network. This crucial feature was left out of Ethereum’s switch to proof-of-stake (PoS) consensus in September after the merge upgrade.
In addition, the Shapella update will have three other enhancements meant to reduce gas expenses for certain operations. Developers have been conducting public tests in Sepolia, Zhejiang, and Goerli since February in preparation for the withdrawals.
To top it all off, all three tenets could execute ETH withdrawals from their respective validator sets without a hitch.
How ethereum is doing today
Ethereum, the second most renowned crypto asset after BTC, is doing well today, according to stats provided by CoinMarketCap. ETH, trading at $1,746 at press time, had recorded an increase of 4.9% from its previous 24-hour valuation.
Despite the increase, the trading volume is still 10% from its previous 24-hour book, as the market cap recorded a 5% increase. This comes as BTC also having a good day.
How the upgrade could affect ETH’s price
As there was a large infusion of money just before the merge upgrade, which looked to be a case of “buy the rumor, sell the news,” it is expected that the Shanghai upgrade will have a beneficial influence on ethereum’s price.
Ethereum’s value is expected to rise as a result of the Shanghai upgrade, which would expand staking choices, according to industry experts. Since the upgrade will provide a place for the release of staked ETH, it has the potential to operate as a bullish catalyst, propelling the price of ethereum higher.
Yet, one of the long-term advantages of the merge enhancements is the possibility of attracting institutional investors to the marketplace.