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Ethereum developers announce official date for Shapella upgrade

ethereum-developers-announce-official-date-for-shapella-upgrade
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Ethereum developers announce official date for Shapella upgrade

On April 12, the Shapella hard fork will go active on the Ethereum (ETH) mainnet. The core developers of Ethereum have verified it will go live at epoch 194048, exactly at 10:27 PM UTC of the specified date.

The Ethereum Improvement Proposal EIP-4895 makes it possible to withdraw by moving staked ether from the Beacon chain to the Ethereum Virtual Machine (EVM), also known as the execution layer.

You might also like: Crypto staking safety, what experts say

Tim Beiko, a key developer for Ethereum, spearheaded the discussion that lasted for a week among the other members of the Ethereum Foundation to choose the time, epoch, and slot, which was ultimately verified. In addition, the hard fork will make it possible to conduct either partial or complete transactions. Various new safeguards will be implemented to ensure that the flood of ether will not harm the market.

Moreover, it was declared by the Ethereum Foundation that it would double the incentive for any defect that was discovered in the Shapella code. Depending on the flaw’s severity, successful bounty hunters may expect to collect a reward of between $2,000 and $250,000 for their efforts.

Binance will support the Shapella upgrade

One of the biggest cryptocurrency exchanges under a regulatory war with the CFTC, Binance, said it would be compatible with the upcoming Shapella update of the Ethereum (ETH) network.

On launch, the Ethereum network will momentarily halt deposits and withdrawals of ETH and ERC-20 tokens due to the update. Nonetheless, Binance’s ETH and ERC-20 token trading will continue normally during the update.

Binance has also announced that it would raise the minimum Ethereum network deposit to unlock count from the current 12 blocks to 64 blocks when the Shapella update is complete. This adjustment ensured the network remained safe and reliable after the update.

If a customer has any ETH or ERC-20 tokens stored in their Binance account, the exchange will handle all technical particulars on their behalf. When the reliability of the upgraded network has been validated, Binance will reopen ETH and ERC-20 token deposits and withdrawals.