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The highly anticipated Shapella update on Ethereum has been implemented, introducing new functionalities such as the ability to unstake Ether (ETH). Community members expressed their excitement through various reactions to this latest enhancement in the Ethereum ecosystem.
Shapella is a term coined by the community that merges “Shanghai” and “Capella,” the upgrades that were executed concurrently. This hard fork represents a significant milestone on Ethereum’s roadmap, generating considerable enthusiasm among community members regarding the network’s future.
Numerous community members extended their congratulations to the network’s developers. Ethereum Foundation researcher Danny Ryan noted that although the transition to proof-of-stake (PoS) took some time, the process has now come full circle.
During the Shapella watch party organized by the Ethereum Foundation team, Ethereum co-founder Vitalik Buterin remarked that the network is currently in a “really good place.” He elaborated that:
“We're in a stage where the hardest and the fastest parts of the Ethereum protocol's transition are basically over. Very significant things still need to be done, but those can be done at a slower pace.”
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In the meantime, crypto artist Jonathan Mann marked the new update with a song performance at the Shapella watch party.
Can we make this image a meme? pic.twitter.com/vC2pwKkLXd
— songadaymann.lens (@songadaymann) April 12, 2023
While some individuals celebrated the current developments, others chose to focus on the network’s future. Ethereum community member Anthony Sassano reminded everyone that the next significant feature will be EIP-4844, which aims to improve the scalability of rollups on Ethereum.
Related: Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades
Additionally, blockchain analytics firm Glassnode anticipates that even though the Shapella update will enable the release of staked ETH, fewer than 1% are expected to sell. The analytics firm reported that only 253 validators have opted to exit. Furthermore, there are mechanisms established to prevent a sudden influx of ETH supply from being released into the markets simultaneously.
One anticipated outcome of the Shapella update is the attraction of more institutional investors to Ethereum. Freddy Zwanzger, Ethereum ecosystem lead at Blockdaemon, predicts that there may be increased interest in ETH staking opportunities from larger investors now that a clear withdrawal option is available.
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