During an Ethereum developer meeting on March 2nd, it was decided that the hard fork would take place around two weeks after the Goerli testnet launch, scheduled for March 14th. The Goerli testnet is the final step before the Shanghai hard fork is deployed on the mainnet, providing a crucial dress rehearsal for the event.
Ethereum core developer and project coordinator, Tim Beiko, declared that they had not explicitly agreed to a mainnet date yet, but that they would likely set a date during the upcoming developers meeting on March 16th, provided that everything goes according to plan on Goerli.
The Shanghai hard fork will allow the phased withdrawal of Ethereum staked from the Beacon Chain. ETH withdrawals will be dynamic and dependent on how many validators exist at the time to maintain network stability and security. Validators must undergo a two-stage process involving an exit queue and a withdrawal period, meaning the withdrawal will happen gradually over time.
Currently, there are 17.1 million ETH staked on the Beacon Chain, representing a whopping 14% of the entire supply and valued at a staggering $28 billion at current asset prices. Shanghai has been particularly bullish for liquid staking providers, such as Lido, which offer more flexibility and higher yield opportunities on staked ETH. These providers may experience an influx of collateral in the months following Shanghai's launch.
The decision to postpone the hard fork was made to ensure a seamless transition to the mainnet. Although the slight delay may be disheartening to some, it ultimately serves to bolster the stability and security of the network. The Shanghai hard fork is highly anticipated by many in the Ethereum community, as it marks a momentous step forward in the evolution of the network.
Stakers of the ETH are waiting eagerly for the upgrade as it would allow them to unstake their long-held ETH since the Merge last year.
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