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The Shanghai Upgrade (EIP-4895) on Ethereum

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Earlier this month, the EtherFoundation announced in the Core Developers (ACD) meeting that it plans to launch a "public test network" for the "Shanghai Upgrade" in early February and is scheduled to execute the Shanghai Upgrade in March.

So what impact will the Shanghai Upgrade have on the ethereum ecosystem once it is completed?

  • For those users who want to withdraw their Ether pledges, what do they need to pay attention to?
  • How much ETH will be waiting to be withdrawn after the Shanghai upgrade?
  • How will the Shanghai upgrade affect the ethereum ecosystem?

Shanghai Upgrade will significantly increase the richness and diversity of smart contract features, which are mainly related to two improved EIPs (EIP-3651 and EIP-3860).

 

These two EIPs focus on EVM improvements, with EIP-3860 alleviating the current smart contract bytecode length limitation that causes some complex contracts to be split into multiple contracts before they can be deployed to the main network.


After the Shanghai upgrade, the extraction function will be opened, which will have an important impact on the Ethernet ecology, mainly through EIP-4895.

 

The withdrawal function will use the "push" method to push the money from the consensus layer (beacon company) to the execution layer (main network), and will define a fork timestamp FORK_TIMESTAMP, from which the execution layer will process the withdrawal.


Shanghai upgrade will have a relatively large impact on the Ethernet virtual machine system, the confirmed implementation of EIP-3651, EIP-3855, EIP-3860, EIP-4895; possible implementation of EIP-3540, EIP-3670; EIP-4488, EIP-4844 related to Layer2 expansion is currently not in the scope of this upgrade EIP-4488 and EIP-4844, which are related to Layer2 expansion, are not in the scope of this upgrade.

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These upgrades mainly add some new bytecode instructions, including PUSH 0, RJUMP, RJUMPI, RJUMPV, CALLF, RETF, JUMPF, and also classify bytecodes, add bytecode tags to distinguish bytecode types, and modularize each bytecode type.

 

On the other hand, the validation mechanism of bytecodes has been updated, and the network as well as the usage fees have been optimized. beosin will synchronize all instructions in this Shanghai upgrade into the Beosin-VaaS smart contract code detection tool.

 

What details should withdrawers pay attention to after the Shanghai upgrade

Pledge withdrawals are simple for other PoS chains, but not for Ether.

 

Since Ether is moving from PoW mechanism to PoS mechanism, due to the consideration of transition security and other issues, it leads to Ether is essentially two chains at present, one is the execution layer (EL) of Ether; the other consensus layer (CL), which is used for staking.

 


Ether allows withdrawals, in fact, it allows two chains to interoperate across chains, which is also an important meaning of this Shanghai upgrade. So what are the pledge withdrawal methods? How long does it take to withdraw cash successfully?

 


There are two withdrawal methods for pledgers.

 


a). Partial withdrawals, if you only want to withdraw the consensus rewards earned over the years (ranging from 0-4 E), which are processed quickly and with little to no queue.

 


b). Full withdrawal, if you want to withdraw all the capital (32 E) with interest, it will be queued because it is a withdrawal consensus and involves network security.

 


How long does the withdrawal queue really take?

 


At present, there are 50w+ nodes on Ether, and up to 1800 nodes can be withdrawn every day. According to the calculation of 1600$, 32ETH, that is 2.88 million dollars worth of Ether. Assuming 10% of the nodes have to be retired, the queue is about 1 month.

 


In addition, the more nodes, the larger the withdrawal volume, or vice versa. in addition, now enter the ethereum network when the verifier also have to queue, and the daily entry volume and daily withdrawal volume is the same algorithm, which can keep the consensus mechanism of ethereum smooth and orderly soft landing.

 

Finally, it is important for withdrawers to ensure that their private keys are properly stored. When users do Staking node (mainly mining pool or Solo Staking, this kind of you have private key, LSD way is not), the user will fill in a withdrawal address, the private key of this address and the private key of the node is very important, if you lose it, you can not retrieve it.

 


💡 If you don't know how to do it, you can store your ETH in OneKey and we will be the first to provide complete and comprehensive one-click access.

 


Partially quoted from

- https://www.bitpush.news/articles/3652401

- https://token.im/blog/en-us/articles/14353477519001-Ethereum-Shanghai-Upgrade-What-s-New-

Translated with www.DeepL.com/Translator (free version)

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