Shapella, the first major upgrade on Ethereum since The Merge, is now live

Quick Take

  • Ethereum’s core developers have implemented the Shapella upgrade through a hard fork.
  • The highly-anticipated upgrade enables users and validators to withdraw their staked ETH on the network.

The Shapella upgrade on Ethereum has gone live.

The upgrade took place just before 6:30 p.m. ET, marking the first major upgrade since The Merge last year.

The hard fork implemented Ethereum Improvement Proposal (EIP) 4895, allowing users and validators to withdraw their staked ether (ETH) on the network. The developers will be monitoring for any potential issues with the upgrade's completion, as noted in a YouTube stream.

The upgrade was released on the mainnet at block height (or slot number) 6209536. In addition to the withdrawal mechanism, developers have optimized the network's gas fees for certain transactions, as previously noted by the core team on GitHub.

This event marks a significant change for Ethereum due to its potential impact on the ecosystem, including the unlocking of previously inaccessible funds. Now that withdrawals have been enabled, the network has completed the proof-of-stake transition cycle.

The impact of the latest Ethereum upgrade 

With the withdrawal mechanism enabled after the Shapella upgrade, Ethereum is expected to provide users with greater asset management flexibility.

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