On Nov. 24, the Ethereum Foundation announced that eight Ethereum Improvement Proposals (EIP) had been chosen by developers at the Ethereum Foundation to be investigated for the Shanghai update, which will be the next significant update following the merge and the switch to proof-of-stake consensus.
Ethereum pre-Shanghai testnet, the “Shandong”
Beacon Chain staked ETH is expected to be unlocked in the Shanghai hard fork, making it possible to withdraw the assets with the upgrade.
This means that users who staked ETH before the Merge will be able to access those tokens as well as any other rewards. According to an earlier schedule, locked ETH should become accessible 6–12 months after the Merge.
The EIP 4844, one of the approved proposals, focuses on using proto-danksharding technology and is anticipated to significantly improve scalability by increasing network throughput and reducing transaction fees. Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with upgrading Ethereum Virtual Machines.
One of the most eagerly awaited updates in the community is the Shanghai testnet, or Shandong, which launched on October 18. It allows developers to work on implementations like the Ethereum Virtual Machine (EVM) object format and could be useful for on-chain validators.
This five-part process, which started with The Merge, has since been expanded upon by a number of Ethereum developers, ecosystem members, and commentators. The Merge’s major improvement is a sharp drop in power usage, which should cut Ethereum’s energy use by 99%.
A long-awaited update, the merge, finally arrived in the cryptocurrency world on September 15. The merge enabled the initial blockchain powerhouse to successfully switch from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) consensus algorithm.
Out of a large number of updates Ethereum has planned between now and 2024 to cement its status as the blockchain of the future, the merge represented one of the most significant. more widely used, more cost-effective, and more environmentally friendly.