During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following the ruleset change.
Ethereum Validator Withdrawal Operations and Fee Optimization Enhancements Set to Go Live in 27 Days
At the time of writing, the Beacon chain contract holds 17,680,535 ether, worth $29.33 billion using today’s Ethereum exchange rates. The upcoming upgrade, called Shapella, will enable the Beacon chain to use push withdrawals as operations through Ethereum Improvement Proposal (EIP) 4895.
According to the EIP-4895 documentation, this will “support validator withdrawals from the Beacon chain to the EVM via a new ‘system-level’ operation type.” Additionally, the summary notes that EIP-4895’s architecture is “‘push’-based, rather than ‘pull’-based, meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.”
The latest Ethereum upgrade was originally planned for this month, but the…
