‘Withdrawals are coming!’ — Ethereum devs confirm epoch for Shapella fork

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Ethereum validators are set to activate the Shapella hard fork on the Ethereum mainnet on April 12, allowing them to immediately withdraw Ether (ETH) from the beacon chain.

Shapella takes effect on epoch 194,048. This he is scheduled for April 12th at 10:27pm (UTC). Confirmed.

Ethereum Improvement Proposal EIP-4895 enables withdrawals by “pushing” staked Ether from the beacon chain to the Ethereum Virtual Machine (EVM) (aka Execution Layer).

The epoch, slot, and time were confirmed after a week-long deliberation among members of the Ethereum Foundation, led by Ethereum core developer Tim Beiko.

Tim Beiko proposed three epochs, slots and time combinations to the EF members two weeks ago. sauce: ethereum.org

Hard forks allow for partial and full withdrawals, but some mechanisms are in place to ensure that a flood of Ether supply does not disrupt the market.

There are currently 17.81 million Ether staked on the beacon chain. His current price is $1,776, which means his $31.6 billion can be unlocked in stages over time.

Staking Ether has been added to the Beacon Chain since its launch in December 2020. source: Beaconcha.in.

The Ethereum Foundation described the last testnet run on Goerli as “smooth,” but there were noticeable delays in activation times as many validators had not updated their client software.

However, Beiko is confident that this time will not be an issue as Ethereum validators are financially encouraged to make mainnet updates.

Ethereum major hard fork

Due to EIP-4895, Shapella is considered the most important hard fork on Ethereum. Paris (The Merge) changed its network consensus mechanism from Proof of Work to Proof of Stake on September 15th.

before that, London introduced EIP-1559 in August 2021. This introduced a base fee that users had to pay instead of the traditional price auction method. Validators will still receive block rewards and tips, but the base fee will be burned. This is intended to deflate Ether over time.

Related: Ethereum’s move to Chapela is ‘on the horizon’

Berlin Beacon Chain Genesis marked the first block generated in the Proof of Stake chain on December 1, 2020.

December 2019 Finally, istanbul Improved resilience to denial of service attacks and improved performance of layer 2 scaling solutions based on SNARKs and STARKs.

Ethereum Foundation announced Last week, we announced that rewards for finding bugs in Shapella code have been doubled. Successful bounties can receive rewards ranging from $2,000 to $250,000, depending on the “severity” of the bug.

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