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Ethereum Shanghai Hard Fork Countdown and Date (Shapella)

Ethereum developers set a target date of April 12 2023

The Ethereum Shanghai upgrade has been activated, and the blockchain is processing staked ETH withdrawals

Ethereum Shanghai Capella Hard Fork
 

Ethereum Shanghai and Capella Hard Forks Upgrades

Shanghai

Shanghai upgrade specification

The upcoming Shanghai upgrade🚀 is expected to bring staking withdrawals to the execution layer. Once the upgrade is implemented, in conjunction with the Capella upgrade, blocks will be able to accept withdrawal operations🔄. This will enable stakers to withdraw their ETH from the Beacon Chain and transfer it to the execution layer🔗.

Shanghai EIPs

Official improvements included in this upgrade.

  • EIP-3651 – Starts the COINBASE address warm
  • EIP-3855 – New PUSH0 instruction
  • EIP-3860 – Limit and meter initcode
  • EIP-4895 – Beacon chain push withdrawals as operations

Capella

Capella upgrade specification

The third significant upgrade🔥 to the consensus layer, known as the Capella upgrade, introduces staking withdrawals💸. The upgrade is scheduled to take place simultaneously🕒 with the Shanghai upgrade🚀, which is focused on the execution layer. This will allow the two upgrades to work together🤝 and enable synchronized withdrawal functionality.

The Capella upgrade allows stakers who did not provide withdrawal credentials🔑 during their initial deposit to add them later, thus enabling withdrawals. Additionally, the upgrade includes automatic account sweeping functionality that continuously processes validator accounts for any available rewards payments💵 or full withdrawals.

Q&A

When are staking withdrawals enabled?

Withdrawal functionality will be enabled through a two-part simultaneous network upgrade, Shanghai + Capella.

Shanghai

The Shanghai upgrade, which is expected to take place in Q1/Q2 of 2023 (subject to possible changes in timing as with any upgrade), will activate withdrawal functionality. This upgrade will allow ETH that was previously staked to be deposited into execution layer accounts, which is an important step in achieving staking liquidity and furthering Ethereum's progress towards a sustainable, scalable, secure decentralized ecosystem.

Shanghai marks the end of an undefined lock-up period for ETH staking. Users will be free to:

  • Stake their ETH
  • Earn ETH rewards that will be distributed automatically
  • Un-stake their ETH to regain full access to their entire balance
  • And of course, re-stake to sign back up and start earning more rewards

Capella

In order for the Shanghai upgrade to be activated, a simultaneous upgrade of the Beacon Chain called Capella must also take place. Node operating stakers are advised to monitor client communication channels to stay informed of upcoming client updates scheduled for Q1/Q2 2023.

After the Capella upgrade has been implemented, stakers who need to update their validator withdrawal keys can do so by broadcasting a message. It is recommended to subscribe to the EF Blog to receive email notifications of the latest protocol announcements.

How do withdrawal payments work?

The eligibility of a validator for a withdrawal is determined solely by the state of the validator account. No user input is required to determine whether an account is eligible for a withdrawal or not. The entire process is automated and performed continuously by the consensus layer.

How Do Ethereum Withdrawals Work? Everything You Need to Understand

How frequently will I get my staking rewards?

Each block can process up to a maximum of 16 withdrawals. With this rate, a total of 115,200 validator withdrawals can be processed per day, assuming there are no missed slots. Validators without eligible withdrawals will be skipped, resulting in a faster sweep completion time.

Expanding this calculation, we can estimate the time it will take to process a given number of withdrawals:

Number of withdrawals Time to complete
400,000 3.5 days
500,000 4.3 days
600,000 5.2 days
700,000 6.1 days
800,000 7.0 days

As you see this slows down as more validators are on the network. An increase in missed blocks could slow this down proportionally, but this will generally represent the slower side of possible outcomes.