The ShanghaiEthereum ETH USD network upgrade will include eight Ethereum Improvement Proposals EIPs that developers decided on Thursday, as reported by CoinDesk. There is still no agreement on when the upgrade will occur.
Why It's Important: The upgrade would allow holders to withdraw their staked ETH systematically and make the network more scalable.
Some key EIPs will be included in the key event, including EIP 3651, EIP 3855 and EIP 3860. EIP 3651 could be a game changer that would reduce network fees for some key network participants known as builders.
The Shanghai Upgrade algorithm is currently being tested on the Ethereum testnet. If successful, it is expected to be implemented on the Ethereum mainnet in the near future.
What is EIP: Anyone with sufficient technical proficiency can write, edit and submit Ethereum Improvement Proposals for new features, according to the guidelines published in 2015.
There's no guarantee that all of these proposals will make the final cut for Shanghai inclusion, as developers are committing to EIPs and running them through tests on devnets.
The 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. After the merger, the Ethereum Foundation suggested unlocking staked ETH within 6 -- 12 months.
Price Action: ETH is trading at $1187, down 1.27% in the last 24 hours, according to Benzinga Pro.
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