[NEWS] Ethereum implements major upgrade "Shanghai" allowing withdrawal of ETH

Ethereum carried out a major upgrade called "Shanghai" at around 7:27 on the 13th, at epoch number 194,048. This made it possible to withdraw staked ETH from the beacon chain.

Shanghai follows the major upgrade "The Merge" in September last year, which changed the consensus algorithm to PoS (Proof of Stake).

The upgrade is composed of two stages: Shanghai, which changes the execution layer, and "Capella", which changes the consensus layer, so it is also called "Shapella".

The biggest change in Shapera is that validators can now withdraw ETH that was deposited as stake. Therefore, it can be said to be a major milestone that symbolizes the completion of the transition to a PoS network.

The amount of ETH locked was approximately 18.1 million ETH (equivalent to approximately 4.53 trillion yen). According to beaconchai.in, an Ethereum block explorer, the amount of ETH staked at the time of writing was approximately 18 million ETH, which means that 100,000 ETH (equivalent to approximately 25.5 billion yen) was withdrawn after the upgrade.

It was expected that selling pressure would increase after the upgrade as ETH that had been staked for a long time would be unlocked.

However, at the time of writing, the price was around $1,900 (approximately 253,000 yen), about 2% higher than the previous day, and no major price fluctuations were confirmed.

Since the average acquisition price of staked ETH is said to be over $2,000, it is possible that there was no significant selling pressure.

In addition, the following improvements were also made in this upgrade, such as reducing Ethereum gas fees.

• EIP-3651: Warm Coinbase
• EIP-3855: PUSH0 instruction
• EIP-3860: Bounds and meter initial code
• EIP-4895: Beacon chain push withdrawal implementation
• EIP-6049: SELFDESTRUCT deprecation

References:Ethereum Foundation, beaconchai.in, Etherscan
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