During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following the ruleset change.

Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days

At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates. The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895.

6209536 4/12/2023, 10:27:35 PM UTC

— timbeiko.eth (@TimBeiko) March 16, 2023

According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.”

The latest Ethereum upgrade was originally planned for this month, but the consensus change was postponed. During the Execution Layer Meeting on Thursday, Ethereum developers announced that the upgrade is now scheduled for April 12, 2023.

In addition to the Beacon chain push withdrawals proposal, the upgrade will include the implementation of EIP-3651, EIP-6049

Go to Source to See Full Article
Author: Jamie Redman

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details