The Ethereum (ETH) network started processing staking withdrawal requests following the release of the much-anticipated Shanghai update on its mainnet.
According to the blog post released by The Ethereum Foundation, stakers, and node operators must update their Ethereum clients before they can request staking withdrawals. This is because node operators with older node versions of client software will sync to the pre-Shanghai blockchain, thus preventing them from accessing their staked ETH assets.
Besides unlocking over $30B worth of staked Ethereum tokens, the landmark update also implemented four other Ethereum Improvement Proposals (EIPs).
Among these changes, EIP-3651 aims to reduce transaction fees by "warming" the COINBASE address at the beginning of a transaction’s execution. Similarly, EIP-3855: Push0 Instruction will further reduce gas price and deployment time by adding a new instruction in the Ethereum Virtual Machine (EVM).
EIP-3860, on the other hand, will increase gas fees while doubling the maximum size of the code available for smart contracts.
Meanwhile, EIP-6049 will deprecate the SELFDESTRUCT operation code. However, in its current state, EIP-6049 will only provide a deprecation warning to developers.
Going forward, the Ethereum developers will work on the Cancun upgrade, the next major update planned for the Ethereum network. Besides other changes, the update will fully deactivate the SELFDESTRUCT opcode.
Although crypto analysts expected Ether’s price to become volatile after the Shanghai update’s release, the token has not experienced major fluctuations in its pricing. The upgrade, which went live at epoch number 194,048, has allowed stakers to withdraw over $10M worth of their staked Ethereum assets.
As of writing, ETH is valued at $1,907, up by 2.3% over the last 24 hours.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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