Ethereum’s main developers expect the major upgrade, codenamed Shanghai, to be completed in the first two weeks of April, instead of towards the end of March as originally estimated.
This differentiation was announced at a meeting of the core developers on March 2.
During the meeting, the key developers agreed that the upgrade will be completed about a fortnight after the release of the Goerli testnet, which is scheduled for March 14. The Goerli testnet will be the final rehearsal for the Shanghai refresh, as it will be the definitive test of the network.
It is expected that the key Ethereum developers will be able to set a specific date for the completion of the upgrade, Shanghai, on March 16, which is set as their next meeting.
As a reminder, the long-awaited Shanghai upgrade will allow for the gradual takeover of ETH that has been staked on Ethereum’s Beacon Chain. In order to maintain the stability and security of the network, ETH withdrawals will be dynamic, meaning that depending on the demand that exists, a priority “queue” will be created.
14% of ETH in circulation
Currently approximately 17.1 million ETH have been staked on the Beacon Chain, representing just over 14% of the total supply of ETH. At current prices, the amount of ETH that has been staked is valued at approximately $28 billion.
Furthermore, Shanghai is seen as a very positive development for liquidity providers. Liquidity platforms such as Lido offer more flexibility and better opportunities to participate in ETH staking, so we may see an influx of capital in the months following Shanghai.
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