This upgrade is considered to be extremely important as, among other things, immediately after its successful implementation it will be possible to unstake ETH that have become stakes after the Ethereum merger.
In addition, with the Shanghai upgrade, upgrades will also be made to the Ethereum Virtual Machine, which is the environment where Ethereum executes smart contracts.
And a second update
Ethereum developers have advised that they will also be moving forward with a second refresh sometime in the fall of 2023, which will address network scaling issues. This update (EIP 4844) will make Ethereum faster through sharding, a method that splits the network into “fragments” as a way to increase capacity and reduce fees.
What will happen next
Now that it’s now clear how Ethereum is proceeding with the Shanghai upgrade, its developers will work on testing the code. They will focus their efforts over the next month on making the Shanghai upgrade as smooth as possible and will aim to launch shadow forks on the network’s mainnet around mid to late January.
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