Ethereum core developer Tim Beiko has confirmed that the long-awaited Shanghai-Capella upgrade, also known as the Shapella upgrade, will be implemented on April 12. This update is expected to enable the withdrawal function for staked ETH and unlock around 16 million stETH.
The Shanghai-Capella upgrade seeks to unlock staked Ether (stETH) and allow withdrawals for stakers. With this update, Ethereum aims to improve its user experience by allowing users to withdraw their funds when they need them.
Liquid staking provider Lido Finance may take a little longer to implement withdrawals due to audit delays and testing on Goerli. The company expects its service to be fully operational in mid-May.
This update is a significant milestone in Ethereum's development roadmap as it enables more liquidity in the market while enhancing security measures.
In an interview with CoinDesk, Beiko stated that "the successful implementation of Shapella will pave the way for future upgrades such as EIP1559." He added that these upgrades would help reduce transaction fees while improving network efficiency.
As always, any change on Ethereum's mainnet requires careful consideration from developers and other stakeholders. However, many industry experts anticipate that this upgrade will go smoothly since it has been thoroughly tested during its development phase.
In conclusion, we can expect a significant shift in how users interact with their staked ETH holdings once this upgrade goes live on April 12th. It remains unclear how long it will take for all providers like Lido Finance or others to implement withdrawal functionality but we can look forward to greater flexibility with our investments than ever before!