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    Ethereum’s Shanghai Hard Fork Plans to Release in March 2023

    Cryptory.net - Shanghai hard fork is expected to be released in March 2023 instead of the second half of 2023 as previously planned.

    According to CoinDesk, Ethereum decided to launch the Shanghai hard fork in March 2023, the next upgrade after The Merge, entailing the EIP 4895 code will enable the withdrawals.

    In October, testnet Shandong went live, serving the Shanghai upgrade testing process. As mentioned above, the reason Shanghai is getting so much attention is because it will include EIP-4895 proposal that allows Beacon Chain staked ether (ETH) withdrawals. Ethereum has been accepting ETH 2.0 staking contracts since November 2020. At the time of writing, more than 15.5 million ETH is locked in the ETH 2.0 staking contract, worth $19.3 billion.

    Source: Beaconcha.in

    In addition, Shanghai is expected to address the implementation of the “EVM Object Format” (EOF) that includes 6 proposals EIP-3540, EIP-3670, EIP-4200, EIP-4570 and EIP-5450 to help upgrade Ethereum Virtual Machine. The Ethereum development team also confirmed that if EOF takes too long, they will push back this upgrade to the fall of 2023 to avoid delaying staked ETH withdrawals.

    Next, the developers also agreed to launch another hard fork on Ethereum in the fall of 2023 that would address another significant scaling upgrade, EIP-4844. EIP-4844 will enable the proto-danksharding mechanism to increase its capacity and bring down gas fees.

    The split into major hard forks in 2023 will give developers enough time to focus on each issue instead of just focusing on one upgrade as originally planned.

    ETH price has been moving sideways in the range of $1,100 – 1,300 since mid-November due to the impact of the FTX crash. Ether also turned inflationary as network usage slows, however, 2022 is still considered a successful year for Ethereum thanks to The Merge. Ethereum still maintains its position as the leading blockchain in terms of DeFi, GameFi, NFT and many other aspects.

    Source: CoinMarketCap

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