Ethereum launches testnet for Shanghai upgrade: Here’s what is next

CRYPTO_NEWS ETH

Staked ETH withdrawals and lower gas fees are among the developments expected with the upgrade.

 

Staked Ether (sETH) withdrawal and lower gas fees are some of the developments expected with the next critical improvements for the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live. Developers can now begin working on the implementations. a process expected to continue until September 2023. 

This is the first major update since Ethereum’s consensus switched to proof-of-stake (PoS) in September after the mainnet and Beacon Chains merged.

 

Moreover, the coming upgrade introduces an elemental change to Ethereum Virtual Machine (EVM), the technology that powers the network smart contracts. EIP-3540, or EVM object format, is one of the community’s most-anticipated updates since it separates coding from data, which could be beneficial for on-chain validators. Galen Moore, content lead at Axelar, told Cointelegraph about the proposal:

 

“From my perspective, EIP-3540 is the most significant upgrade proposed for Shanghai. It’s a further step toward interoperability within the Ethereum ecosystem. Currently, layer-2 networks on Ethereum use a cumbersome code validation process. EIP-3540 separates code and data, making that process more efficient. It’s especially good news for the growing ecosystem of Polygon Supernets — Decentralized application chains built on Polygon Edge.”

 

Another expected proposal is EIP-4895, which will allow sETH and earned rewards withdrawals via the Beacon Chain. In order to ensure network stability, validators with sETH currently cannot withdraw funds directly. 


 

 

 

Source : Ethereum launches testnet for Shanghai upgrade: Here’s what is next

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