Ethereum validators will soon be able to withdraw their Ether (ETH<\/a>)\u00a0from the Beacon Chain, with the Shapella hard fork set to be activated on the Ethereum mainnet on April 12.<\/p>\n Shapella will take effect at epoch 194,048, which is scheduled for 10:27 pm UTC on April 12, Ethereum core developers confirmed.<\/a><\/p>\n The withdrawals will be enabled by Ethereum Improvement Proposal EIP-4895 by \u201cpushing\u201d staked Ether from the Beacon Chain to the Ethereum Virtual Machine (EVM), otherwise known as the execution layer. <\/p>\n It’s happening <\/p>\n Shapella is scheduled on mainnet for epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023 <\/p>\n Client releases compatible with the upgrade are listed in the announcement below https:\/\/t.co\/I0hSv9lnjz<\/a><\/p>\n \u2014 timbeiko.eth ☀️ (@TimBeiko) March 28, 2023<\/a><\/p><\/blockquote>\n The epoch, slot, and time were confirmed following a week-long deliberation between members of the Ethereum Foundation, which was led by Ethereum core developer Tim Beiko. <\/p>\n While the hard fork will allow for partial and full withdrawals, several mechanisms are set in place to ensure a flood of Ether doesn\u2019t disrupt the market<\/a>.<\/p>\n There are now 17.81 million Ether staked on the Beacon Chain. At a current price of $1,776, this means $31.6 billion can be incrementally unlocked over time.<\/p>\n While the Ethereum Foundation described the last testnet run on Goerli<\/a> as \u201csmooth,\u201d there was a notable delay in activation time due to many validators not updating their client software.<\/p>\n However, Beiko is confident it won\u2019t be an issue this time, as Ethereum validators will be economically incentivized to make the update for the mainnet.<\/p>\n Because of EIP-4895, Shapella is considered the most significant hard fork on Ethereum since Paris<\/a>\u00a0\u2014 the Merge \u2014 changed the network consensus mechanism from proof-of-work to proof-of-stake<\/a> on Sept 15.<\/p>\n Prior to that, London<\/a> introduced EIP-1559 in August 2021, which introduced a base fee that users must pay instead of the old price auction method. While the validators still receive a block reward and tip, the base fee is burned, which is intended to make Ether deflationary over time.<\/a><\/p>\n Related: Ethereum\u2019s Shapella transition is \u2018on the horizon\u2019<\/a><\/strong><\/em><\/p>\n Berlin<\/a> optimized gas costs for some EVM actions<\/a> in April 2021, while Beacon Chain Genesis marked the first block that was produced on the proof-of-stake chain<\/a> on Dec. 1, 2020.<\/p>\n Finally in December 2019, Istanbul<\/a> served to improve denial-of-service attack resilience<\/a> and make layer-2 scaling solutions based on SNARKs and STARKs more performant.<\/p>\n If you want to watch as the upgrade happens, you can join @ethStaker<\/a>, @EthCatHerders<\/a>, myself and others during the Shapella watch party here https:\/\/t.co\/ZHWQfMemZc<\/a><\/p>\n \u2014 timbeiko.eth ☀️ (@TimBeiko) March 28, 2023<\/a><\/p><\/blockquote>\n The Ethereum Foundation also announced<\/a> last week that it doubled rewards for any bugs found in the Shapella code. Successful bounties may receive a reward anywhere between $2,000 and $250,000, depending on how \u201ccritical\u201d the bug is.<\/p>\n Magazine: <\/em><\/strong>Crypto Twitter Hall of Flame: Lark Davis on fighting social media storms, and why he\u2019s an ETH bull<\/em><\/strong><\/a><\/p>\n<\/div>\n\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/7fdd61a2-d18c-4cb5-ad95-6cb2a2f49b23.jpg\" "\\"\\"")
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/d4504327-dc36-4100-a506-64db8bc058f1.jpg\" "\\"\\"")
Ethereum\u2019s key hard forks<\/h3>\n
\n