Ethereum’s core developers have announced the date and time for the Shapella upgrade, which will allow network validators to withdraw staked ETH. This is a significant milestone for Ethereum, and the upgrade is slated for release on April 12 at 10:27 a.m. UTC, with epoch number 620,9536.
The Shapella upgrade is an essential step towards the full implementation of Ethereum 2.0, and it will allow users to withdraw their staked ETH. Currently, there are 17.680 million ETH staked on the Beacon Chain, which is worth $29.45 billion. The upgrade is expected to have a significant impact on the price of ETH, as users will finally be able to sell their staked ETH.
Ethereum’s core developers have been actively preparing for the Shapella upgrade for the last few months, and they’ve successfully rehearsed the withdrawals on three public testnets: Sepolia, Zhejiang, and Goerli. The successful rehearsal has given developers the confidence to proceed with the upgrade.
ETH is currently trading at $1,660, up 2% in the last 24 hours and 8.6% in the last seven days, according to data from CoinGecko. Ethereum is the second-largest blockchain, with a market capitalization of $200 billion.
Some industry observers believe that the Shapella upgrade won’t trigger massive ETH sales. Instead, the majority of stakers will move to liquid staking to have more flexibility with their ETH. The upgrade will allow users to stake their ETH while retaining the flexibility to use their tokens.
ETH staking withdrawals are one of the most critical Ethereum blockchain upgrades in history. Investors who believe there will be massive sell-offs after withdrawals are enabled should consider hedging their positions or having another plan to avoid losing investment value. The Shapella upgrade is a significant milestone for Ethereum, and it is expected to have a far-reaching impact on the blockchain’s future.
