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Shapella upgrade

Ethereum Shapella Upgrade Triggers OKX’s Suspension Of Deposits & Withdrawals

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OKX, the second largest crypto, announced the temporary suspension of deposits and withdrawals of certain cryptocurrencies due to the upcoming Ethereum Shapella upgrade, which is set to occur today, April 12th.

The exchange tweeted that the upgrade is coming soon and that deposits and withdrawals of Ethereum (ETH), Arbitrum (ARB), Optimism (OP), and ERC-20 tokens will be temporarily suspended for one hour today, at 9:30 pm until the upgrade is completed.

According to the announcement, after the Shapella upgrade, OKX will increase the minimum confirmation count of deposits into the Ethereum network from 12 blocks to 64 blocks. 

The trading of the affected cryptocurrencies will not be affected during the network upgrade, but users are advised to increase their margin to lower their risks.

The exchange will handle all technical requirements involved for all users holding impacted cryptocurrencies in their OKX accounts. It will reopen deposits and withdrawals for affected tokens once it deems the upgraded Ethereum network to be stable. 

The exchange said that for the safety of users’ funds, it advises them not to make any further withdrawals or deposits of affected cryptocurrencies during the upgrade.

Ethereum’s Shanghai Upgrade Sparks Debate

Experts are divided on the selling pressure that Ethereum’s upcoming blockchain upgrade, the Shanghai (Shapella), will bring to the market.

JPMorgan predicts that there will be a significant amount of selling pressure from the upgrade, as more than one million ether staking rewards will become immediately available this week. 

Troubled entities’ selling of staked ether balances could increase the selling pressure in the coming weeks, JPMorgan added, forecasting that ether will underperform bitcoin in the next few weeks. 

On the other hand, Bank of America believes that the liquidity event will not directly drive ether selling pressure. Instead, it expects increased volatility around the event due to lower liquidity, exchange inflows, derivatives activity, and price action related to the previous upgrade, the Merge. 

Coinbase also anticipates limited ether selling on the back of this event, with selling from this source amounting to only 1-2% of total average daily ether trading volumes.

The performance of ether around Shanghai Fork will depend on the market’s perception of risk. If investors perceive risk assets to be sold off, they may decide to unstake and sell ether just to de-risk.

Related Reading | Ethereum’s Shanghai Hard Fork: Glassnode Report Eases Sell-Side Pressure Concerns

Ethereum’s Shapella Upgrade Nears Completion: Latest Updates & Proposals

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According to the latest Ethereum Developer Conference, the testing of the Shapella upgrade is entering its final stages. Tim Beiko, who oversees Protocol Support at Ethereum Foundation, tweeted that a last mainnet shadow fork is scheduled next week, and cross-client EVM fuzzing of the latest releases is underway. 

Updates On EOF, SELFDESTRUCT, & CL Access At Ethereum Developer Conference

Shapella, which was announced earlier this week, is a much-awaited upgrade to Ethereum. According to Beiko’s Twitter thread, Lodestar just released v1.7.1, which includes a hotfix that solves an issue mainly experienced by users on the Goerli testnet about checkpoint syncing. 

The tweet also states that Nethermind has decided to delay its Ethereum Client 1.18 version to go post-Shanghai to minimize any risk with Shapella going live. The latest spec version of EOF is ambitiously named and aims to remove some of the concerns raised about code and gas observability. 

Additionally, SELFDESTRUCT a new proposal to follow the rules in EIP-4758, except when it happens in the same transaction as a contract creation. Moreover, trust-minimized CL access by the EL was discussed at the conference. 

According to the tweet, the first part here provides access to the CL’s state roots on the EL, which EIP-4788 proposes. However, one would also need access to the CL’s Generalized Index to verify proofs. 

Several options were proposed to address this; teams will look into them in the coming weeks. The builder overrides flag in EL clients was also discussed, allowing ELs to suggest the CL override external builders based on heuristics. It could help in cases of censorship detectable by clients. 

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The question was around whether this should be done before or along with Cancun. Some client teams said they could start prototyping this soon. Lastly, an unscheduled update was made by Guillaume Ballet on Verkle Tries. 

During the EOF conversation, there was some debate about its readiness relative to VT, so Guillaume walked the attendees through all the latest updates.

The developers were generally positive toward EOF but were skeptical that it could fit alongside EIP-4844 in Cancun. There were proposals to potentially schedule it for the next fork. 

The teams agreed to CFI EIP-6780 for Cancun to send a signal that “this is happening,” but obviously, the final decision will only be made once more analysis has been done. There were also concerns about how it would impact Verkle Tries. 

All the teams will analyze contracts more thoroughly in the coming weeks, and if there are any significant issues, they will be addressed. Nevertheless, the productive conference showcases Shapella upgrade proposals and updates, with some still in development. Excitement builds within the community for the upgrade’s potential benefits.

Related Reading | Bitcoin’s Steady Pursuit Of $30K: Insights & Cautionary Flags From Santiment

Ethereum’s Shapella Upgrade Set To Revolutionize Network Operations On April 12th

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The Ethereum Foundation has officially announced the activation of the Shapella network upgrades on the Ethereum network, scheduled for April 12th at epoch 194048, at 22:27:35 UTC. 

The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer and introduce new functionality to both the execution and consensus layers.

Ethereum’s Shapella Upgrade & Bug Bounty

Prior to the upgrade, the ETH Bug Bounty rewards have been doubled for Shapella vulnerabilities until April 5th, encouraging stakeholders to report any potential issues they may discover, as per the announcement.

The upgrade combines changes to the execution layer (Shanghai), consensus layer (Capella), and the Engine API, introducing various improvements such as full and partial withdrawals for validators and independent state and block historical accumulators. 

Client teams expect SELFDESTRUCT semantics to change in future network upgrades, but the opcode’s behavior remains unchanged in Shanghai. 

Changes to the Engine API are specified in the shanghai.md file of the execution-APIs repository and the full set of Shanghai changes can now be viewed in the ETH Execution Layer Specification (EELS), a new Python reference implementation for the execution layer.

The following client releases support Shanghai & Capella on the Ethereum mainnet: Besu v23.1.2, Erigon v2.41.0 v2.42.0, go-ethereum (geth) v1.11.5, and Nethermind v1.17.3. Previous Shapella releases only supported testnet deployments and are incompatible with the mainnet upgrade.

According to the announcement post, stakers and node operators are advised to read the Withdrawals FAQ to prepare for Capella and to update their node to the latest version of their ETH client listed in the table provided. The table lists the client releases that support Shanghai and Capella on the Ethereum mainnet.

As an Ethereum user, Ether holder, or non-staking node operator, there is no immediate action needed unless informed by your exchange or wallet provider. However, those running their own Ethereum node should update to the latest client version listed to be compatible with the Mainnet upgrade.

However, Ethereum stakeholders are encouraged to keep an eye out for any updates or announcements regarding the Shapella network upgrade to ensure a smooth transition and avoid any compatibility issues.

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