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Ethereum's Shanghai Upgrade
The next upgrade to the Ethereum network is expected to take place on April 12th this week. This is the first upgrade since the Ethereum mainnet switched from Proof of Work to Proof of Stake last fall.
What to Expect
For Ethereum stakers and validators, this upgrade will allow them to start unstaking their Ethereum. Most of the Ethereum stakers are sitting on unrealized gains since they staked their ETH years ago. The amount of staked Ethereum is around 16 MM and currently valued at $22 Billion. To avoid a price collapse, the unstaking will be controlled by software to be done over a period of time.
For Ethereum users, they will see lower gas fees for transactions.
For Ethereum developers, they will also see lower gas fees. This will be accomplished by changes to the Ethereum code that reduces the size of smart contract as well as the amount of gas required for smart contract deployment.
What can we expect after the Shanghai release?
While some speculators are projecting a significant decline in the price of ETH, others have invested in ETH liquid staking protocols like Lido and Rocket Pool, pumping their tokens over 100% year-to-date.
The next upgrade, called Cancun, which will support sharding. Sharding is a partitioning technique commonly used in managing databases, which allows for more data processing in the same amount of time. In crypto terms, sharding is dividing the large data content of the blockchain into “shards”. Sharding is a clever way to make blockchains work better by solving problems with how data moves around the network.
Most legitimate crypto projects have a Telegram channel that allows for live Q&A. When interacting with Telegram users, avoid direct messages providing unsolicited advice. Read all of the pinned messages before engaging with participants as most of the common questions are addressed in that manner.
By no means is this list exhaustive as new scams and levels of protection to combat them are ever-evolving.
What about Sanctuary Dex users?
Sanctuary Dex users will not be impacted by this release. The Ethereum wallet will continue to work as before. However, you may observe smaller gas fees when transferring ETH to another wallet or to a Sanctuary Dex ETH gift card.