- Ethereum core developers have disclosed that the long-awaited Ethereum Shanghai upgrade also known as Shapella, has been scheduled for the 12th of April.
- Coinbase details what ETH stakers should expect after the upgrade.
Ethereum community members have many reasons to rejoice, as a recent announcement reveals that the long-awaited Ethereum Shanghai hardfork now has a target release date. Ethereum developers have made it known that the release date has been scheduled for the 12th of April. The announcement was made on Thursday, in a Core Developers Execution Layer #157 call.
Also known as “Shapella,” the upgrade will make it possible for stakers to unstake their locked ETH, for the first time since December 2020, when Ethereum (ETH) staking was first introduced to the market.
With the successful conclusion of the Shapella upgrade, the Ethereum blockchain will be hitting a very important network milestone, as the upgrade will mark the finalization of Ethereum’s transition from a Proof-of-work network to a proof-of-stake (PoS) network.
As soon as developers finalize on a specific date, it will be confirmed on their official GitHub handle. The 6209536 slot which will take off on the 12th of April or around said period, will be set in motion for the upgrade. As such, the upgrade is going to be pushed forward, away from the initial time frame developers had picked for March.
Coinbase details key points for ETH stakers on its platform
Coinbase has rightfully taken to Twitter, to detail the impact of the upgrade for ETH users on its platform. The exchange stated that the Coinbase account functionality, including deposits, withdrawals, and trading, will not be impacted by the upgrade.
1/ Ethereum’s Shapella Upgrade is almost here. The upgrade will enable unstaking for the first time since ETH staking was introduced in December 2020. Here’s what you need to know. 🧵 pic.twitter.com/7J9mlCUsXO
— Coinbase (@coinbase) March 15, 2023
Once the date is voted on by developers and confirmed via GitHub, slot 6209536, occurring on or around April 12, will be set in stone for the Shanghai upgrade. This means that Shanghai will be slightly delayed from the developers’ initial target for this month. Coinbase asserted in a blogpost announcement.
Customers will be able to make unstaking requests from their Coinbase account soon after the Shapella Upgrade is completed (we’re currently anticipating about 24 hours). All unstaking requests are processed on-chain, with Coinbase acting only as the conduit connecting customers, validators, and protocols. Our role is simply to pass unstaked ETH to customers when it is released by the protocol.
It is also worth noting that the Ethereum protocol determines the length of time it will take to process unstaking requests. After the upgrade, the demand for unstaking on Coinbase is also expected to be very high. While Coinbase maintains that it cannot share a precise waiting period with customers, and an estimated time based on the Ethereum network processing times will be provided. Coinbase further explained.
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For those seeking immediate liquidity, Coinbase has a token that lets users unlock the value of their staked ETH. Users can now wrap staked ETH (ETH2) to cbETH on the Coinbase app to sell or use it in DeFi. There are zero fees for wrapping to cbETH and users continue to earn staking rewards so long as the token is held. Users can also unwrap their cbETH to claim the underlying staked ETH and any accrued rewards.
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