Eight ideas were selected by Ethereum developers for the Shanghai update. One of the main features of the Shanghai hard fork is that staked ETH (ETH) on the Beacon Chain will be unlocked.
The Ethereum Foundation made the announcement on Nov. 24 that eight Ethereum Improvement Proposals (EIP) were chosen by developers to investigate for the Shanghai update, the subsequent major upgrade following the Merge and its transition to proof-of-stake consensus.
The features that should be included in the subsequent hard fork, which will be released in the second half of 2023, were decided on a weekly call by developers. On Twitter, the Ethereum Foundation JavaScript Team reported the following:
Beacon Chain staked Ether (ETH) is expected to be unlocked in the Shanghai hard fork, allowing the assets to be withdrawn with the upgrade. This means that users who had staked Ethereum prior to the Merge will be able to access those tokens and any other rewards.Locked ETH was anticipated to be accessible six to twelve months after the Merge in a previous timeline.
The EIP 4844, which focuses on utilizing proto-danksharding technology, is one of the proposals that was approved. It is anticipated to significantly improve scalability by increasing network throughput and decreasing transaction fees.Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with upgrading Ethereum Virtual Machines.
One of the community’s most-anticipated updates, the Shanghai testnet version, known as Shandong, went live on Oct. 18, allowing developers to work on implementations like the Ethereum Virtual Machine (EVM) object format. It separates coding from data, which could be helpful for on-chain validators.
According to, the Union was the most important phase in this five-section process, which has since been expounded upon by various Ethereum engineers, biological system members and observers. The Merge’s most significant change is a significant reduction in power consumption, which should reduce Ethereum’s energy consumption by 99 percent.