Ethereum Developers Target March 2023 for Shanghai Hard Fork
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Benefits of Ethereum Shanghai Hard Fork Completion
Despite, the completion of the eagerly awaited proof-of-stake Merge update on September 15, staked Ether (stETH), is still blocked on the Ethereum Beacon Chain. Nearly 3.5 million stETH ($4.48 billion) worth of cryptocurrency, established by the decentralized financial system Lido, are now in use.
As soon as the Shanghai update is complete, stETH users can withdraw their money together with any relevant staking incentives for verifying network transactions. According to the Ethereum Foundation, this organizational strategy was used to streamline and optimize attention on a smooth transition to proof-of-stake throughout the upgrades.
Optimistic Rollups - A Layer-2 Technology
Following the hard fork, the EIP-4844 update is intended to deploy a fresh data-blob-transaction prototype that was created by developers on February 21, 2022. The potential to transfer Ethereum processing and network storage off-chain and increase scalability by 10x to 100x is already possible with layer-2 technologies like Optimistic Rollups.
According to developers, offering huge portable bundles that can include less expensive data in Ethereum transactions would increase rollups' capacity by up to 100 times. Although the change will reduce transaction costs for layer-2 solutions, it will have no impact on the cost of Ethereum gas.
