The ‘Shanghai’ Ethereum (CRYPTO: ETH) network upgrade will include eight Ethereum Improvement Proposals (EIPs), Ethereum developers decided on Thursday, as reported by CoinDesk. However, there is still no agreement about when the upcoming upgrade will occur.
Why It's Important: The upgrade would be an important milestone, as it would allow holders to withdraw their staked ETH systematically and make the network more scalable.
Some of the key EIPs will also be included in the key event, EIP-3651, EIP-3855, and EIP-3860 among them. EIP-3651, maybe a game changer that might reduce network fees for some of the key network participants known as builders.
The Shanghai Upgrade algorithm is currently being tested on the Ethereum testnet. If it is successful, it is expected to be implemented on the Ethereum mainnet in the near future.
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What is EIP: Anyone with enough technical proficiency can write, edit, and submit Ethereum Improvement Proposals for new functionality or features, according to the EIP-1 guidelines, which were published in 2015.
Developers are committing to EIPs and are running them through tests on devnets, if they're 'considered for inclusion' (CFI). However, there's no guarantee that all of these proposals will make the final cut for Shanghai inclusion.
Meanwhile, ETH developers have not yet settled on a time frame for the hard fork's mainnet deployment during the Shanghai meeting, although they agreed on which EIPs they would focus their efforts. The Ethereum Foundation had suggested unlocking staked ETH within 6-12 months after the Merge.
The Ethereum Foundation did not immediately respond to Benzinga’s request for comment.
Price Action: ETH is trading at $1187, down 1.27% in the last 24 hours, according to Benzinga Pro.