Shanghai update will finally make Ethereum staking withdrawals possible
Despite the poor market performance and drop in network activity, the development of Ethereum has not stopped for a minute, and the developers recently came up with the scope of the upcoming Shanghai update. today,
First and foremost, developers agreed on the scope of the upcoming Shanghai update today; it will include some existential points like staked Ethereum withdrawals, implementation of EVM Object Format, time based EL forking and more.
Apart from the staking withdrawals, all bullet points described by Christine Kim can be removed from Shanghai if developers see that it significantly delays the March 2023 activation date. The rigidity of staking withdrawals is not coincidental, as staking and ETH withdrawal from contracts remains a sensitive topic that has recently caused a dispute in the Ethereum community after no clarity on this topic has been provided by the project’s representatives.
The second most important addition to Ethereum will be the implementation of the Ethereum Object Format. The new feature will enable code verification during the contract creation process, allowing code versions to be created without additional version fields on the account. Technically, EOF is a new container format for Ethereum Virtual Machine bytecode with one-time validation at deployment time.
With the Shanghai update, users will be able to work with a more scalable Ethereum network in comparison to what we saw in 2021. With the series of EIPs (Ethereum Improvement Proposals) being implemented in the update, contracts deployment, regular transactions and much more will become available in the next year.
For now, the developers are finalizing the roadmap and timelines and incorporating the improvements they plan to realize since the merger. Fortunately, no postponement has been announced recently, which suggests that the update is likely to go according to plan.
