ETH withdrawals at stake and lower gas fees are some of the developments thatexpectIn the next major update for the Ethereum network, an upgrade to the testnet version of “Shanghai” called Shandong has been released. Developers can now start working on usability. And this process is expected to continue until September 2023.
This marks the first major update since Ethereum switched to Proof-of-Stake (PoS) in September after the Mainnet and Beacon Chains merged.
In addition, the upcoming upgrade It will bring a component change to the Ethereum Virtual Machine (EVM), the technology that powers the network’s smart contracts, with the EIP-3540, or EVM object format, one of the community’s most anticipated updates. Because it separates the coding from the data, this might be useful for on-chain validators.
Galen Moore, Head of Content at Axelar, told us about the proposal: “From our point of view, the EIP 3540 is the most significant upgrade proposed for Shanghai, it is yet another step towards interoperability within the Ethereum ecosystem, the current layer network. -2 on Ethereum uses a cumbersome code validation process, but the EIP 3540 separates the code and data, making the process more efficient. This will especially be good news for the growing ecosystem of Polygon Supernets — dAppchains built on Polygon Edge.”
Another expected offer is that the EIP-4895 will allow ETH staked and withdrawn rewards via the Beacon Chain to ensure the network stability. Validators with currently staked ETH will not be able to withdraw funds directly.
The upgrade introduces layer 2 protocol changes, reduces gas fees by equalizing block sizes and optimizing calldata across the network.
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