The Ethereum network has recently undergone a much-awaited update called Shapella. This hard fork is a significant milestone for Ethereum’s roadmap as it has paved the way for new features like the unstaking of Ether (ETH). The community celebrated this update with various responses, ranging from congratulations to excitement for the network’s future.
The term Shapella comes from a combination of Shanghai and Capella, signifying the upgrades that happened simultaneously. Ethereum Foundation researcher Danny Ryan expressed his happiness about the update on Twitter, saying that “Proof-of-Stake (PoS) took some time, but the loop was finally complete.” The news was warmly welcomed by the Ethereum community, and many people are excited about the network’s future developments.
At the Shapella watch party hosted by the Ethereum Foundation team, Ethereum co-founder Vitalik Buterin said, “We’re in a stage where the hardest and the fastest parts of the Ethereum protocol’s transition are basically over. Very significant things still need to be done, but those can be done at a slower pace.”
Aside from the celebrations, some community members are looking forward to the network’s future developments. Anthony Sassano, an Ethereum community member, reminded people that the next major feature would be EIP-4844, which aims to enhance the scalability of rollups on Ethereum.
One expected effect of the Shapella update is the onboarding of more institutional investors to Ethereum. Freddy Zwanzger, Ethereum ecosystem lead at Blockdaemon, foresees that there may be more interest in staking opportunities from larger investors since there is a clear withdrawal option in place now.
The Shapella update will allow for the unstaking of ETH, but Glassnode, a blockchain analytics firm, expects that less than 1% of those holding staked ETH are planning to sell after the upgrade. The analytics company said that only 253 validators had signed up to exit, and mechanisms are in place to prevent a massive flooding of ETH supply from being dumped on the markets at the same time.
The Ethereum network started as an open-source blockchain platform to create decentralized applications (dApps) and smart contracts. With the Shapella update, the network aims to make the platform even more efficient, secure, and scalable. In the future, developers will be able to create more complex dApps on Ethereum that can handle more transactions and perform more complex operations.
While the Shapella update is a step forward for Ethereum, it is not the end goal. The Ethereum community is looking forward to future updates that will continue to improve the network’s efficiency and scalability. Ethereum’s long-term goal is to become the world’s computer, allowing people to build decentralized applications and smart contracts with ease.
Ethereum’s journey to become the world’s computer is not an easy one, but the community is up for the task. With each update, the network becomes more efficient and scalable, allowing developers to create more complex and powerful dApps. The Shapella update is just the beginning of a long journey that the Ethereum community is excited to be a part of.
In conclusion, the Shapella update on Ethereum has gone live, allowing for the unstaking of ETH and paving the way for new features. The Ethereum community celebrated this update with various responses, ranging from congratulations to excitement for the network’s future. With each update, the network becomes more efficient and scalable, allowing developers to create more complex and powerful dApps. The community is looking forward to more updates in the future, which will continue to improve the network’s efficiency and scalability, bringing Ethereum closer to its goal of becoming the world’s computer.
