New Ethereum upgrade brings massive performance speed

• In a recent meeting, Ethereum developers said the Shanghai upgrade is likely to be implemented by March 2023. 
• Validators/Stakers can withdraw staked ETH after Shanghai Upgrade.

In the upcoming upgrade, the world’s first decentralized open-source network, Ethereum, has announced plans to give validators access to their staked ETH. In September 2022, Ethereum completed its PoS merge, where investors can provide liquidity in the form of ETH to validate new blocks. However, these deposited ETH could not be withdrawn from the blockchain. According to Ethereum core developers, the Shanghai upgrade will enable staking withdrawals before implementing the Surge-related Ethereum Improvement Proposal (EIP)-4884. The Shanghai upgrade is in accordance with Ethereum’s roadmap enabling withdrawal for ETH validators from the Beacon chain. 

Initially, developers prepared to include EIP-4884 in the Shanghai upgrade. The EIP-4884 will introduce “proto-danksharding,” which would enhance Layer 2 rollup scalability. The launch of The Surge will be implemented by the summer of 2023 before the major Sharding upgrade. Ethereum developers are planning to implement the Shanghai upgrade by March 2023.

Ethereum Upgrade: Is there anything better?

During the latest Ethereum Core Developers Meeting on December 8th, Tim Beiko, one of Ethereum’s core developers, announced plans to focus solely on Shanghai Upgrade. In his statement, the EIP-4844 is currently in development and might not be ready by March 2023. Consequently, developers have agreed to include a set of EIPs instead of the EIP-4844. This set of EIPs will upgrade the EVM by introducing a new EVM contract format, code/data separations, and new operation codes. Once Shangai is ready for implementation, the EIPs will be discarded if they are not fully developed by then. These EIPs, also known as EVM Object Format (EOF), will be implemented later on. 

Regardless of the situation, a set of previously verified EIPs will be unveiled alongside Shanghai. These EIPs include EIP-3651: Warm Coinbase, EIP-3855: PUSH0 instruction, EIP-3860: Limit and meter init code, and EIP-4895: Beacon chain push withdrawals. 

Commenting on this, Tim Beiko tweeted: 

So, that’s where we landed for Shanghai: Withdrawals, EOF & a few already implemented EIPs (PUSH0, Warm COINBASE, Limit/Meter init code) are what we will go for. If by January, we don’t meet the EOF milestones mentioned above, we’ll remove it from Shanghai so withdrawals ship ASAP.

The supplementary EIPs will reduce the expensive and irregular transaction costs on the Ethereum network. Also, the EIP3651: Warm Coinbase will allow users to receive new tokens. This software is independent of the popular crypto exchange. The upcoming sharding process is expected to improve the network’s “scalability and capacity” and provide more access to data. After the upgrade, the network’s transaction speed might increase. More batches of the Shanghai upgrade will be rolled out across 2023 and 2024.