Ethereum core developers set April 12 for Shanghai hard fork

The target date for Ethereum’s long-awaited Shanghai hard fork has been set for April 12th.Ethereum core developer approved Target deadline during the All Core Developers Execution Layer #157 call on March 16th.

Shanghai mainnet upgrade includes 5 Ethereum improvement proposals, including EIP-4985, allowing for staking withdrawal of Ether (ETH) on the beacon chain, Ethereum Proof of Work to Proof The transition to of-stake (PoS) consensus is complete.

The target date – April 12, 10:27:35 PM UTC, epoch 620,9536 – will be confirmed by a developer on GitHub. The fork was originally scheduled for March, but the developer later pushed him back to early April.

Validators automatically receive regular reward payments at their withdrawal address. Additionally, the staker can completely relinquish their position and get their full balance back.

according to For Etherscan, the Ethereum PoS smart contract is Attracted Over 17.6 million ETH, worth approximately $29.4 billion at the time of publication. As reported by Cointelegraph, analysts predict that the upgrade could trigger selling in the short term.

An overview of Ethereum PoS smart contracts.Source: Etherscan

The transition to PoS officially started on September 15, 2022. The merge is a significant milestone for Ethereum, replacing miners with validators and introducing ETH staking as a key component of the network. Ethereum’s roadmap has several updates planned after Shanghai, including ‘Surge’, ‘Verge’, ‘Purge’ and ‘Splurge’.

The switch to PoS consensus could have regulatory implications for ETH and the crypto space. In September 2022, U.S. Securities and Exchange Commission Chairman Gary Gensler suggested that blockchain migration may have put ETH under regulatory scrutiny.

After the recent crackdown on cryptocurrency companies offering staking services in the United States, Gensler again suggested on March 15 that proof-of-stake coins could be securities.

“Whatever they are promoting and putting into the protocol, whatever is locking the tokens into the protocol, protocols are often protocols developed by small groups of entrepreneurs and developers, but these For each token operator, […] The same is true for intermediaries. ”