The Shanghai update will be rolled out on the Ethereum mainnet on April 12 as a hard fork, after being tested on the Goerli testnet. This update will allow ETH holders stuck on the Beacon Chain to withdraw them through the EIP-4985 withdrawal feature.
Shanghai is coming to the Ethereum mainnet on April 12
Following its rollout on the Goerli testnet, the Shanghai update will arrive by late morning on April 12, according to the latest developer meeting that agreed on the date. This crucial update, which will be done in the form of a hard fork, will allow people who have blocked their Ethers (ETH) to withdraw them from the Beacon Chain.
6209536 4/12/2023, 10:27:35 PM UTC
– timbeiko.eth ☀️ (@TimBeiko) March 16, 2023
This withdrawal functionality, which will be rolled out as EIP-4985, will be accompanied by 4 other EIPs, including EIP-3651 to reduce transaction fees in specific use cases. This is the most important update since the Merge last September, as more than 17.7 million ETH will be put back into circulation. Shanghai will thus sign the total transition of Ethereum to the proof-of-stake (PoS) method.
As we reported earlier, a rather small number of Ether holders on the Beacon Chain would like to withdraw and sell their ETH. In fact, the vast majority of them would rather re-stake them.
The update will normally be deployed at epoch 620 9536, i.e. around 11:30 am during the day of April 12th.
Tim Beiko is also confident for the deployment of Shanghai on the Ethereum mainnet following the few problems encountered on the Goerli testnet lately.
Indeed, these were mainly due to some validators who had not updated their client. A problem that should logically not happen on the mainnet, the validators having this time real Ethers in play.