After much anticipation, the Ethereum network has made the switch from proof-of-work mining to proof-of-stake mining. The transition was completed successfully on September 15, 2022.
The Shanghai testnet, which was supposed to go live by the end of February, was one of the most eagerly anticipated Ethereum releases. The Ethereum development team has been working nonstop to launch additional testnets in the coming days.
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The Ethereum Foundation has released the final scheduled date for the Shapella network upgrade, moving a step closer to withdrawals.
Ethereum’s Shapella upgrade to go live on February 28, 2023
According to the details from the announcement, the Shapella upgrade (Shanghai/Capella) will go live on the Sepolia network on February 28, 2023, at 4:04:48 AM UTC.
The developers have mentioned that the much-awaited upgrade is scheduled after months of testing. “This upgrade follows The Merge and enables validators to withdraw their stake from the Beacon Chain back to the execution layer. It also introduces new functionality to both the execution and consensus layer.”
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The multiple levels of testnets are all part of the final upgrade set to release in March. The Shanghai hard fork, which will allow users to withdraw staked ETH as validators, is a highly anticipated event. Perhaps, the upgrade may also have an effect on ETH market demand. According to the Ethereum developers, the Shanghai upgrade is most likely to take place in March 2023 if everything goes as planned.