• Ethereum core developers have announced that the much-awaited Shapella upgrade, also known as the Ethereum Shanghai upgrade, will be released on April 12th.
• Coinbase has detailed what ETH stakers should expect after the upgrade and the exchange assures that account functionality will not be impacted by it.
• The Shapella Upgrade marks a significant milestone in Ethereum’s transition from a Proof-of-Work to a Proof-of-Stake network.
Ethereum Core Developers Announce Final Launch Date for Shanghai Upgrade
Ethereum core developers have disclosed that the long-awaited Ethereum Shanghai upgrade, also known as Shapella, has been scheduled for release on April 12th. This upgrade will make it possible for stakers to unstake their locked ETH, which has been unavailable since December 2020 when Ethereum (ETH) staking was first introduced to the market. The successful conclusion of this upgrade marks an important milestone in Ethereum’s transition from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network.
What Stakers Should Expect After Upgrade
Coinbase has taken to Twitter to detail what ETH stakers can expect once Shapella is released. According to Coinbase, account functionality including deposits, withdrawals and trading will not be affected by this upgrade. Once confirmed via GitHub, slot 6209536 occurring on or around April 12th will be set in place for the Shanghai upgrade; slightly delayed from developer’s original target date this month.
How Will Unstaking Work?
The Shapella Upgrade enables users who stake ETH with Coinbase Custody to initiate an unstaking process before the end of their current lockup period and claim their rewards any time after 7 days upon initiating their request. Users can initiate an unstaking process by visiting the ‘Rewards’ page within Coinbase Custody and clicking ‘Unstake’ next to their validator address listed under ‘Active Staked Validators’ section of the page. Unstaking requests cannot be reversed or cancelled once they are submitted so users must proceed with caution before initiating an unstaking process in order to avoid losing out on potential earnings.
Safety Measures For Securing Funds
Coinbase recommends users take additional security measures when managing large amounts of funds such as enabling two factor authentication (2FA) and multi signature authorization (MSA). Furthermore, users should ensure they are running a secure version of software while interacting with any cryptocurrency platform or wallet provider as well as monitoring transactions carefully for suspicious activity or unauthorized access attempts into accounts or wallets which might indicate malicious intent from third parties attempting to gain access without permission – ultimately leading up to loss of funds stored within them if necessary security measures are not taken beforehand .
Conclusion
The upcoming Shapella Upgrade is one of many steps that are being taken towards transitioning Ethereum from its traditional PoW consensus mechanism into its new PoS system; allowing stakers who currently hold large amounts of ETH locked up in stakes more freedom when deciding whether or not they would like to take profits off those investments at any given time going forward later down line – instead having them stuck until certain predetermined lockup periods come up first before being able release them back into circulation again afterwards instead .