Shapella, the much-awaited upgrade in the Ethereum blockchain, is going to be live in the next 24 hours. The update will not only help users redeem their 'staked coins' deposited in the network over the last three years but will also be advantageous for the complete cryptocurrency market in many folds.
What is Shapella?
The word 'Shapella' which actually originated as 'Chapela,' includes 2 simultaneous upgrades "Shanga' and 'Kapela' in Ethereum's blockchain technology. While 'Shanga' is the upgradation on the execution side of the Ethereum 'Kapela' is the upgradation on the consensus side. Together they are called Chapela or Shapella.
Here are a few of the benefits that could be expected from the recent software update in one of the most significant blockchains of the crypto environment.
The new Shapella upgrade will allow the Ethereum community to withdraw their staked Ether coins that have been deposited on the network for the last three years. The upgrade will help users access more than$33 a billion of Either this week, which is a substantial amount of liquidity.
Boost Popularity of Liquid Staking
With the upgrade in Beacon Chain, a large number of users are expected to attract to the platform. Presently, the liquid staking industry is half of the total ETH staked which will certainly increase with the implementation of Shapella. The software upgrade promises a seamless user experience and a better way of earning rewards without reducing its usability for other purposes
Attract More Developers
The new upgrade will attract more developers to the platform, as it is expected to reduce the gas fee, making it more developer-friendly. Less cost will attract developers to experiment more and derive new ways and means of creating decentralized applications.
The software upgrade will help Ethereum's capacity to speed up per-second transactions and decrease per-transaction cost. Better security and efficiency of smart contracts, as a result, are also on the way.
Overall, Shapella-enabled new features and new architecture could be a revolutionary upgrade in the Ethereum ecosystem that can position it for long-term benefits, growth, and success. The upgrade is also going to attract a wide spectrum of users and investors to the network.