Ethereum: Shanghai Upgrade Gonna Be Big For The Price
02 Novembre 2022 - 2:38PM
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With the “Merge” and the accompanying change to proof of stake, the
Ethereum blockchain received arguably the most crucial and largest
upgrade of all time on September 15. With “Shanghai”, however, the
next upgrade is already just around the corner. After a month-long
break, Ethereum developers met last Friday for their 148th All Core
Developers (ACD) meeting. Chaired by Tim Beiko of the Ethereum
Foundation, the developers discussed the plans for Shanghai.
Together, they found consensus that Shanghai should include, at a
minimum, the withdrawal of staked ETH (EIP 4895) and three other
minor network optimizations (EIP 3651, 3855, and 3860). In
addition, the core developers reached an agreement to further
review EIP 4844 and Ethereum Virtual Machine Object Format (EOF)
code changes for a possible inclusion in the Shanghai upgrade.
Related Reading: Price Surge Puts Majority Of Ethereum Investors In
Profit Another much-discussed update that some developers are
looking to include in Shanghai is what is known as
proto-danksharding, EIP 4844. Proto-danksharding is a preliminary
version of sharding that introduces a new transaction type to
Ethereum. It can be used to settle batches of transactions from
layer 2 rollups in a cost-effective manner. However,
representatives from Besu and Nethermind expressed concerns about
implementation readiness, stating that the complexity and scope of
the code change is not yet well defined. What Impact Will
Ethereum’s Shanghai Provide On Price? Considering the fact that
currently around 15.51 million ETH are staked, which corresponds to
around 12.7% of the total supply, the Shanghai upgrade could exert
enormous selling pressure. Shanghai could give investors their
first opportunity to unload their ETH, some of which have been
staked for two years. Even if half of all staked ETH retained their
status, the selling pressure from the other half would be enormous.
Related Reading: Ethereum Price Eyes Fresh Rally Unless ETH Dips
Below This Support Two crucial factors for the Ether price recently
were the high proportion of illiquid ETH through the lockup of ETH
and EIP-1559, also known as the “ultra sound money” upgrade. The
upgrade implemented a fee burn mechanism on August 05 that wipes
out the ETH base fees paid to record transactions on Ethereum. This
causes the ETH supply to decrease whenever more ETH is destroyed
through fee burn than is created through ETH issuance. When
Shanghai? Core developers have not yet agreed on a date for the
upgrade. Depending on how proto-danksharding progresses, doing a
hard fork with only staked ETH withdrawals and the smaller EIPs
could mean Shanghai part one arrives in February 2023. Thus,
Shanghai part two, which will then focus exclusively on
proto-danksharding, would be integrated into the mainnet in
September. In contrast, bundling all EIPs in one hard fork could
mean that Shanghai happens “sometime in June or July”. Ahead of
today’s FOMC meeting, ETH investors seem to remain cautious. The
price is moving below the 200-day moving average, but above the
100-day moving average.
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