Ethereum, the second-largest cryptocurrency by market capitalization, is gearing up for a major network upgrade that will introduce several improvements and new features. The upgrade, dubbed Shanghai, is scheduled to go live on April 13 at block number 12,244,000. The countdown clock is ticking and the Ethereum community is buzzing with excitement and anticipation.
Shanghai is the third and final part of a series of upgrades that aim to make Ethereum more scalable, secure, and sustainable. The first part, Berlin, was activated in April 2021 and implemented four Ethereum Improvement Proposals (EIPs) that optimized gas costs and enhanced security. The second part, London, was activated in August 2021 and implemented five EIPs, including the controversial EIP-1559 that changed the fee structure and introduced a deflationary mechanism for Ether.
Shanghai will implement four EIPs that will further optimize gas costs, improve layer-2 interoperability, and enable new types of smart contracts. The most notable EIP is EIP-3675, which will initiate the transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism. This means that Ethereum will no longer rely on energy-intensive mining to secure the network, but instead use validators who stake their Ether to validate transactions and earn rewards. PoS is expected to make Ethereum more energy-efficient, faster, and cheaper.
The Shanghai upgrade is a historic milestone for Ethereum and its supporters. Many Twitter users have expressed their enthusiasm and support for the upgrade using hashtags such as #ShanghaiIsComing, #ETH2.0, and #StakeYourEther. Some have also shared memes, gifs, and videos to celebrate the occasion. Here are some of the tweets that capture the mood of the Ethereum community:
@VitalikButerin: I'm proud of what we have achieved so far and grateful for the amazing community that has supported us along the way. Shanghai is not the end, but the beginning of a new era for Ethereum. Let's make history together! #ShanghaiIsComing
@CryptoLark: Ethereum is about to undergo its biggest upgrade ever. Shanghai will make ETH more scarce, more secure, and more scalable. This is huge for the future of decentralized finance, gaming, NFTs, and Web3. Don't miss this opportunity to be part of the revolution. #ETH2.0
@LilMoonLambo: I'm so ready for Shanghai. I've been staking my Ether since December and I can't wait to see the rewards roll in. Ethereum is the king of crypto and nothing can stop it. #StakeYourEther
@CryptoKitty: Shanghai is going to be epic. I'm looking forward to creating and collecting more NFTs on Ethereum with lower fees and faster transactions. Ethereum is the ultimate platform for digital art and creativity. #NFTsOnEthereum
@CryptoBull: Shanghai is just some hours away and I'm feeling bullish AF. Ethereum is undervalued at $2,500 and I'm loading up more before it moons. ETH is going to $10,000 by the end of the year. Mark my words. #BuyTheDip