- Shapella hard fork activation on April 12
- ETH withdrawals enabled by EIP-4895
- $31.6B in Ether staked on Beacon Chain
The Ethereum mainnet is gearing up for the highly anticipated Shapella hard fork, set to activate on April 12 at 10:27 pm UTC. This game-changing event will allow Ethereum validators to withdraw their Ether (ETH) $ 1,838.62 -2.16% from the Beacon Chain, unlocking a staggering $31.6 billion in value.
Ethereum core developers confirmed that Shapella will be implemented at epoch 194,048, following a week of intense deliberation led by Ethereum core developer Tim Beiko. The withdrawal process is made possible by Ethereum Improvement Proposal EIP-4895, which enables the transfer of staked Ether from the Beacon Chain to the Ethereum Virtual Machine (EVM).
As 17.81 million Ether is currently staked on the Beacon Chain, the hard fork comes with a series of mechanisms to prevent market disruption from a sudden influx of Ether. Validators will have the option for partial or full withdrawals, ensuring a controlled release of funds.
Although the Goerli testnet run experienced delays due to validators not updating their client software, Beiko is confident that the mainnet launch will proceed smoothly. Validators will be economically incentivized to update their software and embrace the Shapella hard fork’s transformative potential.
In other news, OKX, the second-largest cryptocurrency exchange in terms of trading volume, has announced that it will open an office in Hong Kong. Specifically, OKX is requesting permission to operate in the aforementioned territory.
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