Breaking: Details on Shanghai’s Sepolia Shapella Update Revealed by Ethereum
Developers are closer to the goal of allowing withdrawals of Ethereum staked on Beacon chains with the Ethereum Shanghai upgrade, which is expected to be completed in March.
Tim Beiko, Ethereum core developer, announced on February 22 that the Sepolia Shapella update is scheduled for February 28th at 4 AM UTC.
According to an Ethereum Foundation blog, the Shapella/Shanghai/Capella network upgrade will be activated via the Sepolia testnet at block 56832. This is expected to happen at 04:04.48 UTC on February 28, 2019.
Validators will be able to withdraw Ethereum they have staked on the Beacon Chain to this upgrade. It will also add new functions to both execution and consensus layers. The Shanghai upgrade will allow full Ethereum staked withdrawal.
The Shapella upgrade brings changes to the execution layer, consensus layer (Capella), as well as the Engine API. Ethereum holders or users of Ethereum don’t need to upgrade anything. Stakers and non-staking operators of nodes are required to upgrade nodes to Ethereum client release releases for the Sepolia upgrade.
The public Shapella test network was a problem that Ethereum’s core developers discovered earlier. The largest client Ethereum, Go Ethereum (Geth), had difficulty syncing with Zhejiang’s testnet. Other clients reported the same problem. Developers believe that the issue won’t affect the Sepolia upgrade scheduled for February 28.
Developers previously stated that the plan was to release the Shanghai upgrade on Ethereum Goerli after the upgrade of Sepolia. It is most likely that it will happen in March.
The Ethereum price dropped by more than 2% over the past 24 hours. It currently trades at $1,636. The low and high for the 24-hour are $1,632 & $1,709 respectively.
The U.S. FOMC Minutes release is expected to put pressure on Bitcoin and Ethereum prices. Due to recent Fed officials’ hawkish rhetoric, traders expect hawkish Fed comments.
Lark Davis, a crypto influencer, recently warned that withdrawals would cause a significant selloff in the crypto market. This will further disrupt the ETH bullish narrative.
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