Upgrade Shanghai goes live, unlocking more than $34 billion in ETH staking

The Shanghai hard fork – Ethereum’s most important upgrade in 2023 and long-awaited by the community – has officially been successfully activated.

The Shanghai upgrade (also known as Shapella) was successfully deployed at epoch 194.048, at 05:27 AM on April 13 (Vietnam time), exactly as scheduled.

The Shanghai hard fork is a major milestone that will bring many changes to the Ethereum network. “Shapella” is the next upgrade in the predetermined roadmap after The Merge. One of the important proposals above is EIP-4895, which helps unlock the “huge” amount of ETH staking for Ethereum 2.0 of The Merge.

After this blockchain switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism, transactions were validated by users who staked ETH to accumulate rewards. Ethereum has opened a staking contract for ETH 2.0 since December 2020, which means it has been almost 3 years that the money has been detained.