Ethereum is steadily approaching the Shanghai hard fork with systematic updates. Recently, on March 14, developers tested the upgrade on the Goerli network, and by April, the hard fork will be deployed on the main network.
However, during the update of the Goerli Ethereum testnet, developers encountered issues as several validators failed to update their software before the hard fork.
Despite this setback, it did not impact the network’s functionality. Ethereum Lead Developer, Tim Beiko explained that, “deposits are being processed, but it looks like several validators have not updated their nodes.
The problem is that ETH is worthless on testnets, so there is not much incentive for validators to update and monitor their nodes.”
As part of the Shanghai and Capella updates, five different EIPs will be amended. The most highly anticipated changes involve EIP-4895, which will allow stakers to unlock their ETH.
Upon the hard fork’s execution on the mainnet, stakers will, in theory, be able to unlock around 17.6 million ETH, equivalent to approximately $30 billion.
However, it is unlikely that such a significant influx of ETH will flood the market. Instead, many users may opt to utilize staking for additional income since they were previously hesitant to lock their coins.
It is important to note that the Ethereum main network update will occur in April, but the developers have not yet announced a specific date for the Shanghai hard fork.