Ethereum Developers Approve EIPs: Shanghai Upgrade in 2023

After the successful completion of the long awaited Etherum Merge in September 2022, the blockchain as initiated the next upgrade, the Etherum Shanghai Upgrade which is scheduled for the second half of 2023.

While the Ethereum Merge was an attempt by the blockchain to transfer the Proof-of-Work to Proof-of-Stake consensus mechanism, the Shanghai Upgrade intends ti bring a bunch of critical updates and significant changes to the blockhain in its EVM functionalities.

During a weekly meeting in October 2022, the Ethereum developers discussed about the details of the new upgrade and came up with the features required to be included.

Consequently, the Etherum Foundation java Script Team tweeted about the launch of a “pre-Shanghai testnet”, called Shandong, that will be used to test an finalize the Ethereum Improvement Proposals (EIPs):

We are happy to announce the launch of an early Pre-Shanghai testnet we are calling «Shandong». ?https://t.co/1HpFTPUMOU

This is an experimental testnet run in cooperation with EF DevOps which activates a set of selected Shanghai-considered EIPs for early client testing.

?: https://t.co/VJ4kWxupG3

— EF JavaScript Team (@EFJavaScript) October 14, 2022

Significantly, the new upgrade of Ethereum is based on the proposed EIP 4895, intending to make the network more scalable. The new version also intends to reduce transfer rates and bring liquidity to Ethereum.

In addition, the Shanghai update is expected to reduce gas fees to layer-2 solutions running under the Ethereum blockchain. Also, the upgrades in smart contract facilities is one among the other possibilities after the Shanghai Upgrade.

Furthermore, just like the Ethereum Merge has contributed in the coin price hike, the developers hope that the Shanghai Upgade too would help improve the price trajectory.

However, the blockchain hasn’t confirmed yet whether they would implement the proposals. The EIP approvals only guarantee that those would be presented during the testing phase.

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