Ethereum Upgrade to Implement Beacon Chain Withdrawals…
During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following the ruleset change.
Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days
At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates. The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895.
According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.”
The latest Ethereum upgrade was originally planned for this month, but the consensus change was postponed. During the Execution Layer Meeting on Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.
In addition to the Beacon chain push withdrawals proposal, the upgrade will include the implementation of EIP-3651, EIP-6049, EIP-3860, and EIP-3855. These enhancements are aimed at optimizing fees, such as limiting the “maximum size of initcode to 49152 and applying an extra gas cost of 2 for every 32-byte chunk of initcode,” as described in EIP-3860.
Recently, Ethereum developers conducted testing of the upgrade on several testnets. On Tuesday, the developers completed the Goerli testnet upgrade, which was essentially the final step before the activation of Shapella on the mainnet.
What impact do you think the upcoming Ethereum upgrade and the implementation of Beacon chain push withdrawals will have on the future of the Ethereum network and its users? Share your thoughts about this subject in the comments section below.
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