Ethereum has successfully completed its much-anticipated Shanghai hard fork, marking a major milestone in the platform’s transition to a full proof-of-stake network.
The upgrade, also known as Shapella, has enabled users to withdraw their staked ether and rewards, a crucial feature of the new paradigm. The transition to a proof-of-stake system has significantly reduced Ethereum’s energy consumption by 99%, while also enhancing its security and decentralization.
Upon receiving the news, the Ethereum community has expressed its excitement, while co-founder Vitalik Buterin has stated that the most challenging and urgent aspects of the Ethereum protocol’s transition have been accomplished. Now that the upgrade is finished, the network can concentrate on scaling, which will result in faster and more cost-effective transactions.
According to market analysts, the unlocking of ETH from the Beacon Chain could create selling pressure for ETH, although it is expected to be spread out over several days, allowing buyers to monitor and evaluate the selling pressure.
The completion of the Shanghai hard fork is a significant accomplishment for Ethereum and its community, signaling the start of a new era for the revolutionary platform. With numerous exciting advancements on the horizon, Ethereum is primed to advance its growth and evolution as a major cryptocurrency player in the market.