Beacon Chain Upgrade to Allow Staked ETH Withdrawals
The Shanghai mainnet upgrade will feature five Ethereum Improvement Proposals (EIPs), including EIP-4985. This upgrade will enable staked Ether withdrawals on the Beacon Chain, completing Ethereum's transition from a proof-of-work to a proof-of-stake (PoS) consensus.
GitHub Developers to Confirm Fork Timing
The target date for the hard fork, set for April 12 at 10:27:35 pm UTC, epoch 620,9536, will be confirmed by developers on GitHub. The fork was initially expected to occur in March but was later postponed to early April.
Automatic Rewards Payments for Validators
Validators will receive rewards payments automatically at periodic intervals in withdrawal addresses. Stakers will also have the option to exit positions entirely, reclaiming their full balance.
ETH Staking Smart Contract Attracts $29.4 Billion
Etherscan data reveals that the Ethereum PoS smart contract has attracted over 17.6 million ETH, valued at nearly $29.4 billion. Analysts predict a short-term sell-off in response to the upgrade, as reported by Cointelegraph.
Ethereum's Transition to PoS Began in September 2022
With the Merge, the transition to PoS officially commenced on September 15, 2022. This milestone replaced miners with validators and introduced ETH staking as a key network component. Ethereum's roadmap includes several updates following Shanghai, such as the "Surge," "Verge," "Purge," and "Splurge."
PoS Transition May Impact Crypto Regulation
The switch to a PoS consensus could lead to regulatory implications for ETH and the crypto space. In September 2022, SEC Chair Gary Gensler suggested that Ethereum's transition may have attracted regulatory attention. On March 15, following a crackdown on crypto firms providing staking services in the U.S., Gensler again hinted that proof-of-stake coins could be considered securities.