Ethereum Shanghai Upgrade set to Happen on April 12

Ethereum Shapella hard fork, ie, the Shanghai upgrade, is set to activate on April 12. Ethereum core developers confirmed that Shapella will take effect at epoch 194,048, scheduled for 10:27 pm UTC on April 12.

Ethereum validators will then be able to withdraw their Ether from the Beacon Chain. This withdrawal will be enabled by Ethereum Improvement Proposal EIP-4895 by “pushing” staked Ether from the Beacon Chain to the Ethereum Virtual Machine (EVM), also known as the execution layer.

After a week-long deliberation between members of the Ethereum Foundation led by Ethereum core developer Tim Beiko, the epoch, slot, and time were confirmed.

While the hard fork will allow for partial and full withdrawals, several mechanisms are in place to ensure a flood of Ether doesn't disrupt the market.

Full withdrawals are possible via an exit, which places the validator into the exit queue. The exit queue depends on the size of the validator set in the network.

It is estimated that the number of withdrawals allowed within a 24-hour period will only represent about 0.40% of the total staked ETH because only an approximate 2,200 withdrawals can be processed per day.

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