2023-04-13
Shanghai Upgrade was completed at 10:27 p.m. UTC on April 12, 2023. The
upgrade is a major upgrade following the Merge that took place in September
last year. It changed Ethereum’s consensus mechanism from Proof-of-Work to
Proof-of-Stake. The main feature of this upgrade is the ability to withdraw staked
Ethers.
Shanghai Upgrade will lower the gas fee for both Ethereum mainnet and layer
2. EIP-3651, EIP-3855, and EIP-3860 aim to lower gas fees for Ethereum’s
transactions and dApps.
The upgrade also enables to stake ETH with no minimum requirement because
prior to the upgrade, validators were required to stake at least 32 ETH. Binance
users can redeem BETH from April 19 onward. Binance users need to wait minimum of
15 days to several weeks for redeem process to be complete.
