On September 15 (24 Shahrivar), the expectations finally came to an end and the update of Marj Ethereum was done. However, the ethers that users have staked in the network have not been released yet. It is supposed to be possible to withdraw staked ethers along with their staking reward during the latest hard fork of Ethereum network called Shanghai Hardfork. In this hard fork, some other proposals are also implemented, which we will discuss further.
According to Mihan Blockchain and quoted by Cointelegraph, Ethereum core developers considered a tentative maturity date for the Shanghai hard fork in March 2023 (March 1401) in their 151st meeting held on December 8 (September 17). After the Shanghai upgrade, the staked Ethers will be released from the China Beacon along with the sticker rewards, and it will be possible to harvest them.
Also, nearly 3.5 million stETH tokens (amounting to $4.48 billion) have been issued in the Lido Mint protocol, and after the Shanghai upgrade, stETH holders can return these tokens to Lido and withdraw Ether tokens along with their reward. do stETH is a token that represents the Ether staked in Lido and is a combination of the initial deposit value plus the staking reward. stETH tokens are minted after the user deposits Ether and will be burned upon redemption. If you are interested in receiving more information about the stETH token, we recommend the following article.
Due to the possible delay in the preparation of Ethereum Improvement Proposal No. 4884 (EIP-4884), the developers decided to focus on the implementation of the Shanghai hardfork first, and then move on to the implementation of this proposal.
Proposal 4884, which is also known as proto-danksharding, is an attempt to implement a major part of full-danksharding logic, including the logic related to the format of transactions and confirmation rules, without sharding in the Ethereum network. . The implementation of this proposal is supposed to be finalized in May or June 2023.
The EIP-4844 upgrade is designed to introduce a new solution for storing a large amount of information at once and increasing the block size, which was proposed by the developers on February 21, 2022 (2 March 1400).
Currently, layer 2 technologies such as Optimistic Rollups can perform Ethereum calculations and network storage off-chain, improving scalability by 10-100 times. The developers predict that increasing the block size and decreasing the transaction cost can increase the capacity of rollups by 100 times. It is worth noting that even though the 4844 upgrade reduces transaction fees for layer 2 solutions; But It will not affect Ethereum layer 1 transactions.
According to Tim Beiko, one of the main developers of Ethereum, in their last meeting, the developers decided to focus on Shanghai first to avoid delaying this update if Proposal 4844 is not ready in time. However, they have agreed to include a set of EIPs that upgrade the Ethereum Virtual Machine (EVM) in the Shanghai hard fork; including the introduction of a new EVM contract format, code/data separation and new opcodes.
Biko pointed out that these upgrades of the Ethereum virtual machine (known as “EVM Object Format” for short EOF) if they do not reach the Shanghai upgrade, i.e. they are not ready, they can be easily removed from Shanghai and will not cause any disruption to Shanghai’s implementation.
What proposals will be implemented in the Ethereum Shanghai hard fork?
The proposals that were supposed to be implemented in the Shanghai Hardfork before the recent developer meeting are:
- Ethereum Improvement Proposal No. 3651 (EIP-3651): Coinbase’s WARM Improvement Plan
- Ethereum Improvement Proposal No. 3855 (EIP-3855): PUSH0 instructions
- Ethereum Improvement Proposal No. 3860 (EIP-3860): Measuring and limiting the initial code (init code)
- Ethereum Improvement Proposal No. 4895 (EIP-4895): Freeing China Beacon Harvesting
Ethereum improvement proposal number 3651 known as WARM Coinbase: Although the name of this offer evokes the name of Coinbase, one of the famous crypto exchanges; But this name similarity is completely coincidental. Coinbase refers to the software that block creators use to receive new tokens on the network.
New transactions on the platform require multiple interactions with the Coinbase software. The first interaction with the software costs more because it has to start up or in other words warm up the software, and then with the increase in the number of interactions, the cost or fee will decrease. “Warm” Coinbase is also in a warm and ready state at the time of the start of the transaction, and in this way, the fee will be reduced and there will be no more expensive initial transactions.
Explanations about Ethereum sharding
According to the Ethereum Foundation, sharding is a multi-phase upgrade designed to significantly increase Ethereum’s “scalability and capacity” through the implementation of shard chains. Sharding provides significantly more capacity to store and access data for the network.
By improving data storage capabilities, sharding enables Layer 2 solutions to offer much lower transaction costs. The sharding upgrade is expected to be implemented in 2023 and 2024 (1402 and 1403).
- What is the Shanghai hard fork and when is it planned?
The Shanghai Hardfork is a new upgrade of the Ethereum network, the most important change that it creates in the Ethereum network is the release of the possibility of harvesting staked ethers in the Beaconchain. The approximate schedule for the implementation of this hard fork is March 2023 (March 1401).
- What proposals will be implemented in the Ethereum network along with the Shanghai hard fork?
Four EIPs with the numbers 1, 365, 3855, 3860, 4895, whose contents are, respectively, Coinbase’s WARM improvement plan, PUSH0 instruction, measure and limit the source code, and Unleashing the harvest from China’s baconrelated to.