ETH

It’s a Date: Ethereum Shapella Unstaking Upgrade Set for April 12

by BSCN

March 29, 2023

The Shanghai + Capella (Shapella) update to the Ethereum mainnet is the biggest on-chain event of the year, as it allows for the withdrawal of staked $ETH.

Ready for ETH Unstaking?

The biggest on-chain event of the year finally has a firm date. The Shanghai + Capella (Shapella) upgrade to the Ethereum mainnet will take place around 10:30 p.m. UTC on Wed., April 12.

Ethereum core developer Tim Beiko said in a Twitter thread that Shapella bug bounties are being doubled until April 5. Additionally he included a link to the Shapella Watch Party on YouTube.

According to an announcement from the Ethereum Foundation Blog, the update’s March rollout to the Goerli testnet has gone smoothly, and developers quickly reached a consensus on the timing of the mainnet upgrade.

“This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer,” according to the blog.

The immediate knock-on effect of the anticipated Shapella upgrade has been to create new demand for Ether liquid staking projects. The thinking is that the new ability to unstake $ETH will attract more users to stake their $ETH – and, instead of just staking directly, to use a liquid staking protocol that enables them, effectively, to “double-dip” in yield farms and Decentralized Finance (DeFi) platforms.

‍

What is Ethereum:

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Find more about Ethereum here: