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Beacon Chain Withdrawals to be implemented for Ethereum's upgrade on April 12th
Mar, 22 2023
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The Beacon chain contract now has 17,680,535 ether, which is valued at $29.33 billion using the current Ethereum exchange rates. With the help of Ethereum Improvement Proposal (EIP) 4895, the Beacon chain will be able to use push withdrawals as operations thanks to the future Shapella upgrade.
This will enable validator withdrawals from the Beacon chain to the EVM via a new 'system-level' operation type, according to the EIP-4895 specification. The summary also mentions that the architecture of EIP-4895 is "'push'-based, rather than "pull'-based," which necessitates processing withdrawals as soon as they are dequeued from the consensus layer.
The most recent Ethereum upgrade was supposed to go live this month, but the consensus shift forced a delay. The update is now planned for April 12, 2023, according to an announcement made by Ethereum developers during the Execution Layer Meeting on Thursday.
As part of the upgrade, EIP-3651, EIP-6049, EIP-3860, and EIP-3855 will also be implemented. These improvements are made to reduce costs. For example, EIP-3860 states that the "maximum size of initcode" should be 49152 bytes, and that "an additional gas cost of 2 for every 32-byte chunk of initcode" should be applied.
Ethereum programmers have tested the upgrade on a number of testnets. The Goerli testnet upgrade, which was effectively the last stage before Shapella was activated on the mainnet, was finished by the devs on Tuesday.
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Joyashree Dey
CBW - External Analyst
INDIA
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