Ethereum developers have delayed the highly anticipated Shanghai hard fork by about two weeks.
Initially estimated for the end of March, the Shanghai upgrade is now likely to be implemented sometime in the first two weeks of April. The delay was announced at an Ethereum developers meeting on March 2.
At the meeting, core developers came to a consensus that the hard fork would take place about two weeks after the launch of the Goerli testnet, which is scheduled for March 14. The Goerli testnet will be the final dress rehearsal for the Shanghai hard fork before rolling out to the mainnet.
Ethereum core developer and project coordinator, Tim Beiko, said “for mainnet, we usually want to give people at least two weeks after the announcement,” before adding, “so imagine Goerli happening on the 14th, everything is going well, on the 16th we agree to move forward with mainnet – I think the first week of April is the first week of April.
Beiko noted in a March 2 Twitter thread that they didn’t explicitly agree on a mainnet date, but that they will “probably” set a date at the next developer meeting on March 16, “assuming all goes well on Goerli.”
The Shanghai Capella (aka Shapella) upgrade to Goerli will be the last chance for Ethereum customers and staking providers to ensure the Shanghai hard fork can run smoothly when it launches on the mainnet.
The long-awaited upgrade of the Shanghai mainnet enables the phased withdrawal of Ethereum from the Beacon Chain.
To maintain network stability and security, ETH withdrawals will be dynamic and dependent on how many validators are leaving at that time. Validators have to go through a two stage process with an exit queue and withdrawal period so it will happen gradually over time.
There are currently 17.1 million ETH wagered on the Beacon Chain, representing just over 14% of the total supply. At current asset prices, it is valued at about $28 billion.
Related: Ethereum testnet successfully splits during upgrade rehearsal in Shanghai
Moreover, Shanghai is also considered bullish for liquid strike providers. Currently, staked ETH is locked to the Beacon Chain and has been since December 2020 when the Ethereum consensus layer was launched.
Liquid staking platforms like Lido offer more flexibility and better yield opportunities on ETH staked, so collateral inflows may occur in the months after Shanghai.
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