“It’s finally here,” proclaimed an Ethereum (ETH) core developer, heralding the imminent arrival of the network’s eagerly awaited Shapella update set to roll out in a fortnight.
The amalgamation of the Shanghai and Capella upgrades, colloquially known as Shapella, is set for an April 12 debut, revealed developer Tim Beiko in a recent Tuesday tweet.
“For all validators out there, I’d advise reviewing our Withdrawals FAQ to ensure you’re adequately prepped for the upgrade,” he further commented.
During the 157th AllCoreDevs Execution Layer gathering, a consensus was swiftly attained, the report noted.
The article elucidated,
“This subsequent enhancement comes post-The Merge and paves the way for validators to retrieve their staked amount from the Beacon Chain, redirecting it back to the execution layer. Additionally, it ushers in fresh features to both the execution and consensus layers, as detailed further.”
This revelation bears significance for multiple reasons.
Primarily, this revamp will empower token stakers with the ability to redeem their staked ETH, an essential functionality for those who have committed their tokens.
Currently, with a staggering 16.35 million ETH staked within the system, the upcoming upgrade is eagerly awaited by a myriad of stakeholders.
Furthermore, it’s imperative to highlight the holistic nature of the Shapella upgrade. This enhancement amalgamates modifications made to the execution layer, represented by “Shanghai,” and the consensus layer, denoted by “Capella.” Additionally, there are alterations to the Engine application programming interface (API).
The nomenclature chosen for these upgrades is quite intriguing. Execution layer upgrades draw their names from Devcon city venues, while the consensus layer upgrades are christened after celestial stars.
Thus, the moniker ‘Shapella’ artfully blends the Devcon2 venue ‘Shanghai’ with the luminous star, ‘Capella’.
Exchange users, as well as those utilizing digital and hardware wallets, need not take any specific actions unless explicitly directed to undertake further steps by their respective exchange or wallet providers, as highlighted by the Foundation.
Node operators, on the other hand, must ensure that their nodes are updated to the latest version of their Ethereum client to maintain compatibility with the Mainnet upgrade.
The client versions enumerated in the provided article are compatible with both Shanghai and Capella on the Ethereum mainnet. In contrast, prior Shapella versions were tailored solely for testnet deployments. As such, they are not congruent with the impending mainnet upgrade, the announcement cautioned.
It’s pivotal for stakers to ascertain that both their beacon node and validator client are duly updated.
The Foundation, along with Beiko, took the opportunity to reiterate to the community that up until April 5, the Ethereum Bug Bounty program has amplified its rewards, offering a whopping $500,000 for those who can pinpoint vulnerabilities in the Shapella upgrade.
For enthusiasts eager to witness the Shapella update in action, a special Shapella viewing event is scheduled.
It’s also worth noting that for direct deposits on the mainnet, a minimum of 32 ETH is mandated. Nevertheless, certain protocols have been designed to grant users the flexibility to deposit varying amounts to engage in the network.
Case in point: Lido, a decentralized finance (DeFi) platform and an external staking pool facilitator for Ethereum 2.0, recently announced its successful withdrawal transactions on the Goerli testnet.
