The #Shanghai upgrade timing has been confirmed by the #Ethereum Foundation team. The #Shapella hard fork will take place on April 12, 2023, at 22:27:35 UTC, at epoch 194048, based on the blog post. An epoch in Ethereum is a grouping of 32 network blocks.

The timing for the upgrade implementation to enable #ETH staking withdrawal was previously confirmed by Ethereum engineer Tim Beiko on March 14, when Shanghai was successfully tested on the most recent testnet, Goerli.

The majority of the crypto world formerly referred to this release as Shanghai. However, this renaming is intended to properly state the reason for each Ethereum network change. The Execution Layer and the Consensus Layer are the two sections of the Ethereum protocol.

The timing for the upgrade implementation to enable ETH staking withdrawal was previously confirmed by Ethereum engineer Tim Beiko on March 14, when Shanghai was successfully tested on the most recent testnet, Goerli.

The majority of the crypto world formerly referred to this release as Shanghai. However, this renaming is intended to properly state the reason for each Ethereum network change. The Execution Layer and the Consensus Layer are the two sections of the Ethereum protocol.

Prior to that, in August 2021, London implemented EIP-1559, which substituted a flat fee for the prior pricing auction process. The basic fee is burned, resulting in ETH's gradual depreciation even though validators still receive a block reward and tip.

This news is republished from https://coinaquarium.io/

According to recent comments by several prominent crypto analysts, Ethereum’s Shanghai (aka “Shapella”) upgrade, which allows for withdrawals of staked ether ($ETH ) previously locked, won’t significantly affect ETH’s price.

There have been concerns that the ability to withdraw funds could lead to an oversupply of ETH on the market, especially since there’s approximately $29 billion worth of ETH staked on the Ethereum network.

However, according to a recent CoinDesk report, the crypto analysts they spoke to said that the volume of #ETH outflows would be not as much as many people are expecting, and investors should not worry about it.

“I believe withdrawals and inflows from new stakers will be netted out,” says Nick Hotz, vice president of research at digital asset investment firm Arca. 

John Lo (aka “Omakase”), head of digital assets at investment firm Recharge Capital, believes that ETH stakers will not immediately head for the exit door as they will need time to “digest how withdrawals work.”

#crypto2023 research firm CryptoQuant argues that “there would be low selling pressure for ETH from staking withdrawals after the #Shanghai upgrade” because “a) the majority of the ETH staked (60% or 10.3 million) is currently in loss (comparing the current ETH price to the price at the moment each ETH was staked) and b) the average depositor of the largest staking pools is also at a loss currently.”

Furthermore, they note that “most of the ETH staked that is in profit was staked less than a year ago and most of it is only up between 20-30%, a return that in the past has not been consistent with large profit-taking events (selling).”