Developers at the Ethereum foundation decided to explore eight Ethereum Improvement Proposals (EIPs) for the Shanghai Update, the next major update after the merger and its move to proof-of-stake consensus, the Ethereum foundation announced Nov. 24.

In a weekly call, the developers decided which features should be included in the next hard fork, which is due to be released in the second half of 2023. According to the Ethereum Foundation JavaScript team on Twitter:

One of the major features expected to be in the Shanghai hard fork, the Beacon Chain Staked Ether (ETH) is set to unlock, which will allow assets to be able to be withdrawn with the upgrade, meaning users with Ethereum Stake before the merger you will be able to access those tokens, as well as any other rewards. A previous timeline anticipated that locked ETH would be accessible 6-12 months after the Merger.

Among the approved proposals is EIP 4844, which focuses on leveraging proto-danksharding technology and is expected to increase network performance and dramatically reduce transaction fees, a significant improvement for scalability. Other EIPs address updating Ethereum virtual machines, including the EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.

The Shanghai testnet version, dubbed Shandong, went live on October 18, allowing developers to work on implementations like the Ethereum Virtual Machine (EVM) object format, is one of the most anticipated updates. from the community, as it separates the encoding from the data, which could be beneficial for on-chain validators.

As Cointelegraph previously reported, the merger was the first step in this five-part process, which has since been crafted by various Ethereum developers, ecosystem participants, and commentators. The key change from the merger is the drastic reduction in power consumption, which should reduce Ethereum’s power usage by 99%.

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