- Ethereum developers announced the final launch date for the Shanghai upgrade, also known as Shapella.
- Coinbase detailed that the upgrade will not impact account functionality.
The Ethereum core development team recently announced the final launch date for the eagerly awaited Ethereum Shanghai upgrade, also known as Shapella, set for April 12th. Coinbase has provided information on what ETH stakers should expect following the upgrade.
The Ethereum community has reasons to celebrate, as the long-anticipated Ethereum Shanghai hardfork now has a definitive release date. Ethereum developers have confirmed the launch is scheduled for April 12th during the Core Developers Execution Layer #157 call on Thursday.
How much can the upgrade do?
The Shapella upgrade, as it is also known, will enable stakers to unstake their locked ETH for the first time since Ethereum (ETH) staking was introduced to the market in December 2020.
Upon the successful completion of the Shapella upgrade, the Ethereum blockchain will achieve a significant network milestone, as it marks the completion of Ethereum’s transition from a Proof-of-Work network to a Proof-of-Stake (PoS) network.
Developers will soon confirm the specific date on their official GitHub handle. Slot 6209536, set to take place on or around April 12th, will initiate the upgrade. As a result, the upgrade will be slightly postponed from the developers’ initial target for March.
Coinbase has taken to Twitter to outline the implications of the upgrade for ETH users on its platform. The exchange mentioned that the Coinbase account functionality, including deposits, withdrawals, and trading, will remain unaffected by the upgrade.
Upon developers’ confirmation via GitHub, slot 6209536, occurring on or around April 12th, will solidify the Shanghai upgrade timeline. Consequently, the upgrade will be pushed back from the developers’ original March goal. Coinbase explained in a blog post announcement:
customers will be able to make unstaking requests from their Coinbase account soon after the Shapella Upgrade is completed (we’re currently anticipating about 24 hours). All unstaking requests are processed on-chain, with Coinbase acting only as the conduit connecting customers, validators, and protocols. Our role is simply to pass unstaked ETH to customers when it is released by the protocol.
It is essential to note that the Ethereum protocol dictates the time required to process unstaking requests. After the upgrade, the demand for unstaking on Coinbase is expected to be significantly high. While Coinbase cannot provide an exact waiting period, an estimated time based on Ethereum network processing times will be offered. Coinbase further elaborated:
“For those seeking immediate liquidity, Coinbase has a token that lets users unlock the value of their staked ETH. Users can now wrap staked ETH (ETH2) to cbETH on the Coinbase app to sell or use it in DeFi. There are zero fees for wrapping to cbETH and users continue to earn staking rewards so long as the token is held. Users can also unwrap their cbETH to claim the underlying staked ETH and any accrued rewards.