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Ethereum stands as an autonomous and open-source blockchain network, distinguished by its native digital currency, Ether. This platform serves as the foundation for a multitude of other cryptocurrencies and is notably utilized for the execution of decentralized smart contracts.

Vitalik Buterin initially outlined the concept of Ethereum in a comprehensive whitepaper in 2013. Subsequently, together with fellow co-founders, funding for the project was secured through a public crowd sale conducted online during the summer of 2014. The outcome was an impressive $18.3 million raised in Bitcoin, with over 60 million Ether sold at an Initial Coin Offering (ICO) price of $0.311. Given Ethereum’s current value, this translates to a remarkable annualized return on investment (ROI) of over 270%, effectively multiplying one’s investment nearly fourfold each year since the summer of 2014.

The Ethereum blockchain was launched on July 30, 2015, and has since undergone various significant updates. These include “Constantinople,” “Istanbul,” “Muir Glacier,” “Berlin,” and “London.” “The Merge” occurred on Sept. 15, 2022, with the next major update anticipated by April 13, 2023. “Shapella” comprises the Shanghai and Capella upgrades. Moreover, another Ethereum update is expected by the end of 2023.

During a teleconference, Ethereum developers approved the details of the upcoming network upgrade called Dencun (Cancun-Deneb), expected to take place this year.

The key component of the upgrade is the Ethereum Improvement Proposal (EIP) 4844, known as Proto-Danksharding. This feature scales the blockchain by introducing a new type of transaction for large binary data arrays (blobs) and organizing their storage. The goal is to reduce fees for Layer 2 solutions based on Rollups technology.

Among other changes, the hard fork includes

  • EIP-1153, which reduces fees for on-chain data storage and optimizes block space.
  • EIP-4788, which improves the efficiency of cross-chain bridges and staking pools.
  • EIP-5656, which makes minor changes to the Ethereum Virtual Machine.
  • EIP-6780, which removes code that could hinder the operation of smart contracts.

Ethereum’s ultimate vision is to become a decentralized platform empowering users globally to create and operate applications that offer transparency, security, and autonomy.

Who Are the Founders of Ethereum? 

Ethereum boasts an extensive team of eight co-founders, who came together for the first time on June 7, 2014, in Zug, Switzerland.

Among these co-founders, the most prominent figure is Russian-Canadian Vitalik Buterin. He gained widespread recognition as the author of the original white paper outlining Ethereum’s concept back in 2013 and has continued his dedicated efforts to enhance the platform ever since. Before Ethereum, Buterin was involved in co-founding and contributing to the Bitcoin Magazine news website.

Another key co-founder is Gavin Wood, hailing from Britain. Wood’s contributions to Ethereum are equally significant, as he coded the initial technical implementation of the platform using the C++ programming language. Additionally, he played a crucial role in introducing Solidity, the native programming language of Ethereum, and served as the first chief technology officer of the Ethereum Foundation. Prior to Ethereum, Wood served as a research scientist at Microsoft and later went on to establish the Web3 Foundation.

Ethereum has a diverse group of co-founders, each contributing significantly to its inception and early development. These notable co-founders include:

  • Anthony Di Iorio played a crucial role in financially supporting the project during its initial stages of development.
  • Charles Hoskinson took on a pivotal role in establishing the Ethereum Foundation based in Switzerland and creating the necessary legal framework for the project.
  • Mihai Alisie provided valuable assistance in the establishment of the Ethereum Foundation.
  • Joseph Lubin, a Canadian entrepreneur, who, along with Di Iorio, provided essential funding during Ethereum’s early days. Later, Lubin went on to establish ConsenSys, an incubator dedicated to supporting startups built on the Ethereum platform.
  • Amir Chetrit contributed to the co-founding of Ethereum but eventually stepped away from the project during its early development phase.

Ether price 

The inception of Ethereum’s native token, ether, took place in August 2014, when it was introduced through an initial coin offering (ICO). During this event, approximately 50 million ETHs were sold at $0.31 per coin, generating substantial funding of over $16 million for the project’s development.

Unlike many other cryptocurrencies, Ethereum’s digital currency boasts an unlimited supply, setting it apart with its continuous potential for circulation.

According to information available on the official project website, the annual inflation rate of ether stands at approximately 4.5%. Throughout Ethereum’s history, there have been two occasions when block rewards were reduced since the mining of the very first Ethereum block, famously known as the Genesis block. Notably, these reductions in block rewards are not hardcoded into Ethereum’s protocol, as is the case with Bitcoin’s halving events. Instead, the Ethereum community actively contributes through proposals known as “Ethereum Improvement Proposals” or EIPs, and the collective community votes to decide whether to incorporate these proposals into Ethereum’s software updates. Here is a breakdown of the issuance schedule for ether up to the present:

  • Block 0 to Block 4,369,999: 5 ether
  • Block 4,370,000 to 7,280,000: 3 ether (changed via EIP-649)
  • Block 7,280,000 to now: 2 Ether (changed via EIP-1234)

The “difficulty bomb” is a feature that significantly impacts the issuance rate on the original Ethereum blockchain (before it transitions to the proof-of-stake Ethereum 2.0 blockchain). This mechanism increases the mining difficulty, leading to longer block discovery times for miners. Consequently, this reduces the amount of ether entering circulation as block rewards, thereby moderating the overall issuance of the cryptocurrency. The “difficulty bomb” has been activated, reset, and delayed multiple times between 2017 and 2020, primarily to allow Ethereum developers more time to focus on essential updates before the transition to Ethereum 2.0.

From its official launch in 2014 until March 2017, the price of ether remained relatively stable, fluctuating between $0.70 and $21. However, with the onset of the bullish cryptocurrency market in May 2017, the price of ETH surged above $100 for the first time. The momentum continued, and in June 2017, ether reached its peak at $414 before experiencing a correction. It took another five months for the bullish trend to regain strength. During this period, the entire crypto market witnessed significant buying pressure, pushing almost every cryptocurrency token to new record highs. By January 2018, ETH’s price reached an all-time high of $1,418, only to experience a sharp decline afterward.

It took nearly three years for the second-largest cryptocurrency (after Bitcoin) to retest its previous all-time high price. Between February and May 2021, the ether price more than tripled, reaching a new all-time high of $4,379.

In the 2022 year, the cost of Ethereum reached $1,599.

ETH’s price is currently $1,849.08.

How does Ethereum work

The Ethereum blockchain stands as a decentralized and open-source platform designed to enable the seamless execution of smart contracts. These smart contracts are self-executing agreements with their terms directly encoded into the blockchain’s code. Ether (ETH) serves as Ethereum’s native cryptocurrency.

The structure of Ethereum’s blockchain consists of a series of interconnected “blocks,” each containing numerous transactions. Each transaction represents a change in the Ethereum network’s status, encompassing activities such as ETH transfers between users or the implementation of smart contracts. In the past, miners were responsible for validating these transactions and grouping them into blocks through the process of mining. However, Ethereum has recently undergone a transition from the proof-of-work mechanism to a proof-of-stake model, where validators are now entrusted with managing this process.

To ensure the integrity and reliability of the Ethereum network, consensus is crucial. This means that a majority of nodes (computers within the Ethereum network) must agree on the current state of the network at any given moment. This consensus mechanism plays a crucial role in preventing double-spending, a potential issue where a user could attempt to spend the same cryptocurrency more than once, thereby safeguarding the network’s overall security.

Ethereum distinguishes itself from Bitcoin through its unique concept of accounts. While Bitcoin operates based on unspent transaction outputs, representing chunks of Bitcoin sent but not yet spent, Ethereum adopts a more conventional accounting system with distinct accounts and balances. There are two types of Ethereum accounts: externally owned accounts, controlled by private keys, and contract accounts, governed by their contract code.

The programmable nature of Ethereum allows developers to create and execute decentralized applications, known as dApps. They are powered by smart contracts, enabling the automatic execution of agreements without the need for intermediaries. This opens the door to a wide range of applications, such as decentralized finance (DeFi), supply chain management, and many others.

Initially, Ethereum operated on a proof-of-work consensus mechanism, similar to Bitcoin. However, with the completion of the Ethereum Merge, it has transitioned to a proof-of-stake mechanism. In this model, validators are chosen based on the amount of ETH they are willing to “stake” as collateral. This shift aims to enhance the scalability and energy efficiency of the Ethereum network.

Validators under the proof-of-stake mechanism must “stake” a minimum of 32 ETH to participate in the block validation process and secure the Ethereum network. These funds are locked into a smart contract. The more ETH a validator stakes, the higher the likelihood of being selected to propose a new block of data transactions for confirmation on the blockchain. Successful validators are rewarded when their proposed block is approved by other validators.

The dynamic Ethereum network remains in a constant state of evolution, driven by the collaborative efforts of its community. Among the recent enhancements is the groundbreaking Shanghai upgrade, which brought forth staked ETH withdrawals and a series of Ethereum Improvement Proposals (EIPs) meticulously crafted to streamline gas fees, ultimately benefiting developers utilizing the platform.

What Makes Ethereum Unique?

Ethereum has been at the forefront of revolutionizing blockchain technology with its pioneering smart contract platform. Smart contracts are automated computer programs that facilitate the execution of agreements between multiple parties over the Internet. By reducing the reliance on trusted intermediaries, they effectively lower transaction costs while enhancing transaction reliability.

Ethereum’s groundbreaking innovation lies in its ability to execute smart contracts using the blockchain, which further enhances the advantages of this technology. Co-founder Gavin Wood envisioned the Ethereum blockchain as “one computer for the entire planet,” enabling any program to gain robustness, censorship resistance, and heightened fraud protection by operating on a globally distributed network of public nodes.

Beyond smart contracts, Ethereum’s blockchain can host a variety of other cryptocurrencies known as “tokens” through its ERC-20 compatibility standard. This functionality has led to an abundance of ERC-20-compliant tokens being launched on the Ethereum platform, with over 280,000 tokens created to date. Indeed, a significant number of these tokens hold positions in the best 100 cryptos based on their market capitalization, with notable examples like USDT, BNB, and LINK. The surge in interest in the ETH to PHP price can be attributed to the growing popularity of Play2Earn games in the ecosystem.

What is Ethereum Name Service?

Ethereum Name Service, or ENS, represents a distributed and highly adaptable naming system built on the Ethereum blockchain. Essentially, it serves as the Web3 equivalent of the traditional DNS (domain name service).

Typically, cryptocurrency addresses are lengthy combinations of numbers and letters, intended for computer interpretation. These addresses might look like “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E,” leading to confusion and even the potential loss of funds.

ENS effectively resolves this challenge by assigning human-readable names to machine-readable identifiers, including Ethereum addresses, metadata, other cryptocurrency addresses, and content hashes. By utilizing ENS, the complex address mentioned earlier can be converted into something as simple as “Alice.eth,” allowing you to receive various cryptocurrencies or NFTs via your personalized ENS domain.

The foundation of ENS relies on two Ethereum smart contracts. The first contract, known as the ENS registry, records crucial information such as the domain’s owner, the domain’s resolver, and the caching time for all records under the domain. The second contract is the Resolver, which facilitates the translation between human-readable domain names and machine-readable addresses.

Furthermore, it’s worth noting that ENS goes beyond integrating with .eth names. It also extends support to the most widely used DNS names, including .com, .org, .io, .app, and numerous others.

What is an Ethereum Killer?

Throughout its existence, Ethereum has consistently held its position as the second-largest cryptocurrency by market capitalization. However, like any other blockchain network, Ethereum is not without its imperfections. Notably, the legacy blockchain suffers from high gas fees and relatively low throughput, processing only 15 to 30 transactions per second.

Although Ethereum has plans to address these shortcomings through various upgrades, its competitors have taken advantage of this opportunity to offer crypto users cheaper and faster transactions.

The concept of “Ethereum Killer” first gained traction during the 2016/2017 period with the emergence of alternative blockchains like Cardano in the cryptocurrency market. In 2018, EOS garnered significant attention as the next potential “Ethereum killer,” raising a staggering $4.1 billion from investors, the highest amount ever generated by an ICO. Since then, other contenders like Tezos, Solana, Fantom, Avalanche, and Binance Smart Chain have also emerged as possible threats to Ethereum’s dominance.

Each of these rival blockchains employs different consensus models to address Ethereum’s limitations caused by proof-of-work (PoW). For instance, Solana utilizes proof-of-history (PoH), while Binance Smart Chain employs a combination of proof-of-authority (PoA) and delegated proof-of-stake (DPoS).

Despite the emergence of these alternatives, none of them managed to deprive Ethereum of its status as the largest cryptocurrency by market capitalization. Additionally, Ethereum maintains its position as the leading blockchain for NFT trading activities.

What Is EIP-1559?

The EIP-1559 upgrade brings about a revolutionary change in the estimation of gas fees on the Ethereum blockchain. Prior to this upgrade, users had to engage in an open auction, known as a “first-price auction,” where the highest bidder would have their transaction prioritized by a miner.

With EIP-1559, this process is automated through a bidding system, and a fixed “base fee” is established for transactions to be included in the next block. The base fee dynamically adjusts depending on the network’s congestion level. Additionally, users who desire faster transaction processing can offer a “priority fee” to incentivize miners.

Moreover, EIP-1559 introduces a fee-burning mechanism. A portion of every transaction fee (the base fee) is burned and permanently removed from circulation. This measure aims to reduce the circulating supply of Ether, potentially leading to an increase in the token’s value over time.

Notably, in less than two months since the implementation of the London upgrade, the Ethereum network has managed to burn over $1 billion worth of Ether, highlighting the importance of this fee-burning mechanism.

How Many Ethereum (ETH) Coins Are There In Circulation?

As of July 2023, there are 120,194,013 Ethereum (ETH) coins in circulation. This figure represents the total amount of existing coins that can be bought, sold, or used in transactions on the Ethereum network. It is an important metric for investors and cryptocurrency market participants as it reflects the current available liquidity and the proportion of coins already in circulation in the market.

How Is the Ethereum Network Secured?

In 2022, Ethereum underwent a significant upgrade by transitioning from a proof-of-work (PoW) system to a proof-of-stake (PoS) system to secure its network. This change made the platform more secure.

Before the transition, Ethereum, like Bitcoin, relied on the PoW consensus mechanism, where miners competed to solve complex mathematical puzzles to validate transactions and create new blocks. While PoW has proven effective in securing networks, it has some drawbacks, including high energy consumption and the potential for centralization of mining power.

With the implementation of the proof-of-stake model through the Ethereum 2.0 upgrade, the network’s security approach shifted. Instead of miners, the new system involves validators who are chosen to create new blocks and validate transactions based on the amount of Ether (ETH) they “stake” as collateral.

In the PoS model, validators are incentivized to act honestly, as they can lose their staked Ether in case of malicious behavior. This consensus mechanism promotes decentralization and is more energy-efficient compared to PoW, as it does not require the same level of computational power for mining.

The transition to proof-of-stake significantly enhances the security of the Ethereum network and ensures a robust and resilient system for executing smart contracts and processing transactions. Validators play a crucial role in maintaining the network’s integrity, and the shift to PoS has been a major milestone in Ethereum’s ongoing evolution as a leading blockchain platform.

Where Can You Buy Ethereum (ETH)?

As the second-largest cryptocurrency, Ethereum enjoys widespread accessibility, making it easily purchasable and available as ETH trading pairs on numerous major crypto exchanges. Some of the most prominent markets facilitating Ethereum transactions are:

  • Binance
  • Bybit
  • OKХ
  • Kraken
  • KuCoin
  • Bitfinex
  • Huobi Global, etc.

A variety of popular ETH price pairs can be found on these exchanges, including ETH/AUD, ETH/GBP, ETH/USD, and ETH/JPY, providing traders and investors with diverse options for trading and investing in Ethereum.

Ether and gas

Ether (ETH) and gas are two essential concepts in the Ethereum blockchain ecosystem.

Ether (ETH):

Ether is the native cryptocurrency of the Ethereum blockchain. It serves as the primary means of value transfer within the network. Users can hold, send, and receive Ether, similar to how Bitcoin functions in the Bitcoin blockchain.

Beyond its use as a digital currency, Ether plays a more significant role in the Ethereum ecosystem. It acts as the “fuel” or currency required to perform various operations on the platform.

Gas:

Gas is a unit of measurement used to quantify the computational work required to execute specific actions on the Ethereum network.

In Ethereum, every operation, such as executing a transaction, deploying a smart contract, or interacting with a decentralized application, requires a certain amount of computational resources to be processed.

These computational resources are represented in gas units, and each operation has an associated gas cost, which indicates how much gas is required to complete that particular task.

Gas is crucial for preventing abuse and ensuring that the Ethereum network remains secure and efficient. It acts as a pricing mechanism, incentivizing users to prioritize essential transactions by attaching higher gas fees and discouraging spam or resource-intensive operations.

When users perform actions on the Ethereum blockchain, such as sending transactions, creating smart contracts, or interacting with dApps, they need to pay for the computational resources utilized during the process. This payment is made in the form of gas, and the cost of the operation is determined by the gas consumed (gas cost) and the price of gas in terms of Ether (gas price).

In summary, Ether is the native cryptocurrency of the Ethereum blockchain, while gas is the unit of measurement used to calculate the computational resources required to execute actions on the network. Gas is paid in Ether and acts as a critical mechanism to ensure the efficient and secure operation of the Ethereum ecosystem.

Smart contracts

Smart contracts can be coded using various high-level programming languages like C++ and JavaScript, but the most widely adopted one is “Solidity,” developed by Gavin Wood, a co-founder of Ethereum and the project’s first chief technology officer.

Once written in high-level languages, these contracts must be converted into low-level languages understandable by machines. This conversion is necessary because smart contracts are deployed and executed within the “Ethereum Virtual Machine” (EVM). The EVM is integrated into every full Ethereum node and is capable of executing over 140 different operation codes (opcodes). These opcodes are essentially machine-level instructions that can be combined to accomplish nearly any task, making the EVM “Turing-complete.”

The introduction of smart contracts has paved the way for the emergence of decentralized autonomous organizations (DAOs) and a comprehensive decentralized finance ecosystem, known as “DeFi.” In this ecosystem, traditional financial services like lending and insurance provision are accessible through peer-to-peer powered decentralized applications (dapps).

Ethereum token standards

Ethereum token standards are protocols or specifications that define the rules and functionalities for creating and interacting with tokens on the Ethereum blockchain. These standards ensure that all tokens developed on Ethereum adhere to a common set of rules, making them compatible with various applications, wallets, and exchanges within the Ethereum ecosystem. Some of the most popular Ethereum token standards are:

  • ERC-20 (Ethereum Request for Comments 20): This is the most widely adopted token standard on the Ethereum blockchain. ERC-20 defines a set of standard functions that all tokens must implement, including functions for transferring tokens, getting token balances, and approving token spending.
  • ERC-721 (Ethereum Request for Comments 721): This standard is used for NFTs. In contrast to ERC-20 tokens, every ERC-721 token possesses exclusivity, symbolizing a one-of-a-kind asset or item. NFTs have gained significant popularity for representing ownership of digital art, collectibles, virtual real estate, and more.
  • ERC-1155 (Ethereum Request for Comments 1155): This standard allows for the creation of both fungible and non-fungible tokens within the same contract. It offers greater flexibility and efficiency in managing multiple token types and is widely used in gaming and decentralized finance (DeFi) applications.
  • ERC-777 (Ethereum Request for Comments 777): This proposed standard improves upon ERC-20 by adding more advanced features, including the ability to send tokens with a callback function, making token transactions more secure and efficient.
  • ERC-223 (Ethereum Request for Comments 223): Similar to ERC-777, ERC-223 aims to enhance ERC-20 by addressing some of its vulnerabilities, such as unintentional token losses during transactions.
  • ERC-621 (Ethereum Request for Comments 621): This standard allows for the increase or decrease of a token’s total supply, making it useful for projects that may need to adjust token supply based on changing requirements.

These token standards provide developers with a set of guidelines and best practices for creating tokens on the Ethereum blockchain, enabling interoperability and ease of integration across various decentralized applications and services.

Ethereum 2.0

Ethereum 2.0, also known as “Serenity,” represents a significant upgrade with the ambitious goal of enhancing the speed, efficiency, and scalability of the world’s second-largest cryptocurrency network. This upgrade involves transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) system.

Termed “Casper,” Ethereum’s new PoS mechanism requires network participants to lock up their coins, becoming contributors to the network, instead of relying on resource-intensive mining equipment. Stakers are required to lock up 32 ethers individually or can opt to join staking pools, combining their ether with others to collectively participate in creating new blocks on the Ethereum PoS blockchain.

The Ethereum 2.0 upgrade is being executed in several phases, each contributing to the overall transformation of the network:

Phase 0 involves the launch of the Beacon chain and the activation of the proof-of-stake mechanism.

Phase 1 aims to merge the old and new Ethereum blockchains, streamlining the network and its functionalities.

Phase 2 introduces “shard” chains and roll-up technology, further boosting scalability and performance.

Phase 3 focuses on implementing security improvements, ensuring the network’s resilience and protection against potential threats.

Through these progressive phases, Ethereum 2.0 seeks to revolutionize the Ethereum network, providing a more sustainable, secure, and efficient platform for its ever-growing user base.

Phase 0 of Ethereum 2.0 was launched in December 2020, introducing the Beacon chain as a separate Ethereum blockchain that implemented a proof-of-stake (PoS) system. The Beacon chain’s responsibilities encompass new block creation, transaction verification, staking rewards distribution, and the management of new Ethereum blockchains known as “shard chains.”

In the subsequent significant phase of development, the Beacon chain will be integrated with the main Ethereum network, effectively replacing the current energy-intensive proof-of-work (PoW) system with the more sustainable proof-of-stake model. Validators, the network stakeholders, will take on the role of producing blocks, verifying transactions, and ensuring the blockchain’s security, replacing the traditional miners.

Following the merger of Ethereum and ETH 2.0, additional smaller upgrades will be necessary. The focus will shift towards enabling sharding, which involves creating multiple mini-blockchains called shards. Each shard will independently verify its set of transactions, relieving the entire network from the burden of verifying every single transaction. The Beacon chain will act as the central coordinator, randomly assigning validators to each shard.

With both PoS and sharding in place, the Ethereum developers anticipate making further adjustments to bolster the network’s security. This includes implementing anonymity features to obscure validator identities behind block proposals. Additionally, they plan to leverage cutting-edge technologies such as the Verifiable Delay Function (VDF) to enhance the randomness of validator assignments, making it more challenging for malicious actors to disrupt the network. These advancements aim to fortify Ethereum’s infrastructure, ensuring a more resilient and efficient blockchain for its users.

The Ethereum Merge

In 2022, Ethereum made a significant shift in its consensus mechanism from proof-of-work to proof-of-stake, renaming the transition from Ethereum 2.0 to The Merge. The Merge was successfully implemented on Sept. 15, 2022, following the successful merge of the Goerli testnet on Aug. 11, 2022.

This transition brings about several critical changes to Ethereum. Firstly, it merges the existing proof-of-work Ethereum mainnet with the Beacon Chain, a proof-of-stake chain. The combined chains form the new proof-of-stake Ethereum, consisting of a consensus layer and an execution layer. The consensus layer synchronizes the chain state across the network, while the execution layer handles transactions and block production.

One major impact of The Merge is a substantial reduction in ETH issuance, often referred to as the “triple halving” in reference to the Bitcoin halving. This reduction amounts to 90% of ETH issuance. With over 14 million ETH already staked, the transition could potentially make ETH deflationary. Stakers are projected to earn between 8% and 12% APR. However, staked ETH will not be immediately withdrawable after The Merge; withdrawal is expected to be enabled after the Shanghai upgrade, estimated to take place 6 to 12 months later.

Despite the transition to proof-of-stake, The Merge does not result in an increase in transaction throughput or a reduction in gas fees, as the block production rate remains roughly the same. Additionally, on-chain governance is not enabled, and protocol changes are still discussed and decided off-chain through stakeholders.

One significant benefit of the transition to PoS is the expected reduction in Ethereum’s annual energy consumption. It is estimated to drop from 112 TWh/yr to just 0.01 TWh/yr, representing a 99.9% decrease. This “greener” Ethereum is anticipated to attract institutional investors. However, Ethereum miners, representing a $19 billion industry, are advocating for ETHPoW, a potential hard fork that would retain proof-of-work. 

Ethereum Shanghai Upgrade

The Shanghai Upgrade considered the most significant Ethereum upgrade after The Merge, introduces a major feature allowing ETH stakers to unstake their ETH and withdraw their ETH rewards from the Beacon Chain. In The Merge, the Ethereum proof-of-work chain merged with the proof-of-stake Beacon Chain, where validators stake 32 ETH to secure the network. However, stakers faced limitations in unstaking and withdrawing their funds until the Shanghai Upgrade was introduced.

The Shanghai/Capella (“Shapella”) Upgrade is a hard fork implementing five EIPs, with the most eagerly anticipated one being EIP-4895, enabling withdrawals. Shanghai and Capella refer to the names of the upgrade on the execution layer and consensus layer, respectively.

Withdrawals were enabled on the Zhejiang testnet on Feb. 7, 2023, and on Feb. 28, the Sepolia testnet successfully executed the hard fork upgrade. On March 15, 2023, the hard fork was executed on the Goerli testnet, serving as the final test run before the mainnet upgrade, expected to occur sometime in March 2023. With the mainnet upgrade, over 17.5 million ETH will become available for withdrawals, marking a significant milestone in Ethereum’s evolution.

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