The cryptocurrency community is abuzz with excitement over the upcoming Ethereum upgrades, particularly the Shanghai upgrade that allows for the withdrawal of staked ETH. Along with the merge, the upgrade will bring significant improvements to Ethereum’s virtual machine, scalability, gas costs, and transaction speeds. In this article, we’ll explore the details of the upcoming Ethereum upgrades, including Shanghai, EOF, Verge, Scourge, Purge, and Splurge, and what they mean for the future of Ethereum.
The Shanghai Upgrade and Staking
The Shanghai upgrade is the next significant upgrade to Ethereum after the merge in September 2021. The upgrade allows users to withdraw the ETH they have staked since December 2020 on the beacon chain, in exchange for rewards. This upgrade is expected to boost the popularity of liquid staking derivatives (LSDs), such as Lido and Rocket Pool.
The EVM Object Format (EOF)
The EOF upgrade is one of the major upgrades packaged with the Shanghai upgrade, which will change how Ethereum’s virtual machine works. It includes five EIPs that will make Ethereum more efficient and easily upgradable. However, the developers have announced a delay in the release, and it will be shipped three to four months later in the summer.
The Upcoming Ethereum Upgrades
Vitalik Buterin, the co-founder of Ethereum, announced that even after the merge, Ethereum would still be only 50-25% completed. Ethereum can expect more upgrades, including Verge, Scourge, Purge, and Splurge, that will bring significant improvements to the network scalability, gas costs, and transaction speeds.
Verge
Verge is an upgrade aimed at optimizing storage on Ethereum and reducing node size, ultimately making Ethereum more scalable.
Scourge
Scourge aims to provide censorship resistance and avoid centralization and other risks that arise from MEV (Maximal Extractable Value). It will help ensure that transactions remain neutral and do not discriminate for or against anyone.
Purge
Purge will help reduce the amount of space required to store ETH on a hard drive, freeing up space for developers.
Splurge
Splurge is the fun brother of the four, including all miscellaneous innovations to make Ethereum better. All these upgrades will help Ethereum process 100,000 transactions per second, according to Vitalik Buterin.
Conclusion:
The upcoming Ethereum upgrades, particularly the Shanghai upgrade and the EOF upgrade, are expected to bring significant improvements to Ethereum’s virtual machine, scalability, gas costs, and transaction speeds. Along with the upgrades, the Verge, Scourge, Purge, and Splurge upgrades are aimed at optimizing storage, providing censorship resistance, and reducing space requirements. Ethereum enthusiasts eagerly await these upgrades, which promise to make Ethereum a better network.
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