The Shapella hard fork was carried out on the Goerli testnet, which was the final testing phase before Ethereum validators could withdraw their Ether from the Beacon Chain. Nonetheless, there were complications during the hard fork.

Tim Beiko, an Ethereum core developer, revealed that although deposits were being handled, the procedure did not go as seamlessly as possible due to the failure of several testnet validators to update their client software before the Goerli fork.

Testnet validators' lack of incentive to upgrade their client software was blamed by Ethereum core developer Tim Beiko for the less-than-smooth process of the Shapella hard fork's execution on the Goerli testnet. However, Beiko expects validators to make the necessary adjustments before the Ethereum mainnet fork.

According to Ethereum researcher "terence.eth", it took 15 epochs for Shapella to be forked onto the Goerli testnet due to network participation being below the required two-thirds threshold.\

Ethereum's EIP-4895 aims to push staked ETH from the Beacon Chain to the execution layer, which is the most anticipated aspect of the Shapella upgrade.

Despite some delays in the Sepolia and Goerli testnets, the hard fork is expected to occur on the Ethereum mainnet in early April. It will enable partial and full withdrawals and could theoretically unlock 17.6 million ETH, worth over $30 billion at current prices. However, mechanisms are in place to avoid flooding the market with the supply of ETH.

Approximately 0.40% of the total staked ETH will be allowed to be withdrawn within a 24-hour period, as only around 2,200 withdrawals can be processed per day.

The reason for this limitation is that an epoch can usually only assign a maximum of 10 validators, and it takes around five to six minutes to process one epoch. If all 2,200 validators were to withdraw their full staked amount of 32 ETH per day, it would only result in around 70,000 ETH being withdrawn, which is only a small portion of the total staked amount of 17.6 million ETH.

EthStaker streamed the Goerli testnet execution live on YouTube on March 15.


Mar 15, 2023
Crypto News

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