Shapella Upgrade to enable ETH Withdrawals on Ethereum Blockchain

As the Shapella update went live on the Ethereum blockchain, the crypto community is excited to see the result of the upgrade on the promise of the ETH withdrawals from the Ethereum developers. According to reports, the Shapella upgrade will take effect at epoch 194,048. It is scheduled for 10:27:35pm UTC on April 12, 2023.

Once the upgrade starts to take effect, the Ethereum validators who have staked their ETH on the Beacon chain will soon be able to withdraw their Ether. The developers team of ETH has confirmed the same along with an announcement that, till April 5 2023, the bug bounty amount on Ethereum has been doubled for the Shapella vulnerabilities!

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For the security/vulnerability-minded folks, note that from now until April 5th, the Ethereum Bug Bounty rewards have been doubled for Shapella vulnerabilities 🐞https://t.co/oAZ0E1hlLk

— timbeiko.eth ☀️ (@TimBeiko) March 28, 2023

The withdrawals for Ether will be enabled by EIP-4895; which is also known as Ethereum Improvement Proposal; by giving a push to the staked Ether from the Beacon Chain to the Ethereum Virtual Machine (EVM), which is also known as the execution layer.

It’s happening 🎊

Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 📆

Client releases compatible with the upgrade are listed in the announcement below 👇https://t.co/I0hSv9lnjz

— timbeiko.eth ☀️ (@TimBeiko) March 28, 2023

Tim Beiko, the Ethereum core developer, have led the week long deliberation that went on among the members of the Ethereum Foundation for the epoch, slot, and time for the confirmation of the launching of the upgrade. According to the announcement doc, this Shapella upgrade consists of the changes to the execution layer (Shanghai), consensus layer (Capella) and the Engine API.

Read More: Ethereum Price Prediction 2023

Source: Ethereum.org

To ensure that a flood of Ether does not disrupt the market, several mechanisms have been set in place while the hard fork is going allow withdrawals for partial and full ETHs.

Source: Beaconcha.in.

While there was a delay that was noticed during the activation time, during the Goerli testnet, due to many validators not updating their client software; the led developer, Beiko is confident that it will not be an issue during the Shapella upgrade. This is due to the fact that the Ethereum validators will be economically incentivized to make the update for the mainnet.