Ethereum has reached a major milestone with the completion of the Shanghai hard fork, signaling a new era for the popular blockchain. The upgrade, also known as Shapella, has been eagerly anticipated by the Ethereum community and marks the final step in its transition to a full proof-of-stake network.
The Historic update is complete
This historic upgrade has unlocked the ability for users to withdraw their staked ether and accrued rewards, a key feature of the new paradigm. The transition to a proof-of-stake system has reduced Ethereum’s energy consumption by 99%, while also increasing its security and decentralization.
Vitalik Buterin addresses the ETH community
The Shanghai hard fork has been met with great enthusiasm from members of the Ethereum community, who see it as a major milestone in the platform’s development. Vitalik Buterin, the co-founder of Ethereum, has stated that the “hardest and fastest parts of the Ethereum protocol’s transition are basically over,” and that the network can now focus on scaling, making transactions faster and cheaper.
ETH Selling Pressure on?
With the completion of the Shanghai upgrade, Ethereum is poised to continue its growth and development as a major player in the cryptocurrency market. Market analysts have speculated that the unlocking of ETH deposited into the Beacon Chain could lead to selling pressure for ETH, but that this pressure is likely to be distributed over several days, allowing buyers to watch and analyze the selling pressure.
The future looks bright for Ethereum and its community, with many exciting developments on the horizon. The successful completion of the Shanghai hard fork marks the start of a new era for Ethereum, and we can’t wait to see what the future holds for this groundbreaking platform.
Ethereum’s completion of the Shanghai hard fork marks a significant achievement in the platform’s development, and the Ethereum community is full of hope and excitement for what lies ahead. With the ability to withdraw staked ETH and rewards, users can look forward to greater flexibility and benefits from the new proof-of-stake network.
Source: https://coinpedia.org/ethereum/ethereums-shanghai-hard-fork-complete-users-can-now-withdraw-staked-ether-and-rewards/