• The Ethereum network is preparing for its next upgrade after the success of its switch to a proof-of-stake (PoS) network, known as the Merge upgrade.
• The Shanghai update will enable stakers to access their rewards, including their initial ETH deposits.
• A few of the network’s core developers claim that the network is releasing the upgrades too quickly to avoid public criticism.
The Ethereum network is continuing its preparation for its next major update known as the Shanghai update. This new update aims to reward Ethereum users participating in the network’s staking program. After the success of its switch to a proof-of-stake (PoS) network, the Merge upgrade, Ethereum users have been staking their ETH to earn rewards, but they haven’t been able to withdraw their earnings. However, the Shanghai update will enable these stakers to access their rewards, including their initial ETH deposits.
The Shanghai update could be live within the next two months based on available information. However, a few of the network’s core developers claim that the network is releasing the upgrades too quickly to avoid public criticism. They argue that the upgrades are causing technical expenses that could have huge ramifications on the network in the long term. Micah Zoltu, one of the core developers, commented, “It seems we are not concerned about the future wellbeing of this network, but instead are only concerned about public opinion of the present.”
The crypto community is divided on this issue, with some developers advocating for a slower pace of development and others arguing that the upgrades should be implemented as soon as possible. Ethereum developers are also debating the best methods to test the Shanghai update, with many recommending the use of automated testing tools. Additionally, developers are considering the possibility of an emergency hard fork to fix any bugs that arise during the upgrade.
The Ethereum community remains optimistic about the Shanghai update, with many believing that it will be a major step forward for the network. However, whether or not Ethereum users will be able to withdraw their staked ETH after the update is still unknown. The core developers of the network will need to reach a consensus on the timing of the upgrade implementation and the best methods to test the update in order to ensure a smooth transition.