Tonight, at epoch #194 048, an important event for the Ethereum network took place – the Shanghai update was activated.
Shanghai is an update that allows Ethereum network validators to withdraw their currently staked ETH from the protocol to wallets or exchanges for later sale. Shanghai is the first major update to the Ethereum blockchain protocol since the activation of Merge in 2022.
The following EIPs (network improvement proposals) are implemented in this hard fork:
EIP-4895. It just launches the mechanism for withdrawing ETH from staking. There are two ways to withdraw funds from smart contracts.
Fast “partial withdrawal” – withdrawal of coins earned as a result of staking. For example, if the validator has 40 ETH on his account, he can quickly withdraw only 8 ETH (40 ETH – 32 ETH = 8 ETH).
Slow “full withdrawal” – the withdrawal of all coins in the validator’s account. If there is 40 ETH there, then he will be able to withdraw all 40 ETH.
EIP-3855 (PUSH0 Instruction). Increases the speed of transactions. It contains a new algorithm that helps reduce the size of smart contracts and optimize the contract code.
EIP-3860 (Limit and meter initcode) – optimizes transaction fees and also fixes network vulnerabilities to DoS attacks.
EIP-3651 (Warm Coinbase) – reduces the cost of creating blocks, in particular, improves the interaction of Ethereum with the cryptocurrency exchange and the Coinbase wallet, which reduces gas consumption by Coinbase protocols when paying with ERC20 tokens.
As a result, Ethereum Shanghai unlocked 1.1 billion ETH (worth about $2 billion) that was locked in staking in 2020.
Geth client developer Marius van der Weyden wrote tweeted that each block validators withdraw about 45 ETH from staking on average – 16 withdrawals of 3 ETH each.
Withdrawals are working, seeing ~45 ETH being withdrawn per block (16 withdrawals à ~3ETH each)
Looks very good to me! pic.twitter.com/NCTO2FahiW
— MariusVanDerWijden (@vdWijden) April 12, 2023
According to Nansenthe total amount of assets in staking exceeds 17 million ETH.
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