JAKARTA The Ethereum Shanghai upgrade is the next big upgrade after The Merger. The upgrade is scheduled for the second half of 2023. The upgrade will be an important milestone as it will allow holders who have staked their Ethers over the years to draw the stakes systematically and make the network more measurable.
Despite some major scalability improvements, the main event will also include some small Ethereum (EIP) upgrade proposals, including EIP-3651, EIP-3855 and EIP-3860. Among all upcoming upgrade proposals, the EIP-3651, called WARM Coinbase, could be a game changer that could reduce network costs for some key network participants called constructors.
Coinbase here is the name of the software the builder uses to receive new tokens on the network. Every new transaction on the platform needs to interact with Coinbase software several times, the first interaction is more expensive because software needs "heating", and then the cost decreases as interaction increases. However, with the introduction of EIP-3651, Coinbase software will remain warm to get started, thus requiring lower gas costs to access it.
As the name suggests, the builder is responsible for packing Ethereum transactions into blocks, so it's called block building. This transaction is then forwarded to the validator, which places it in the correct order on the blockchain.
These developers are paid by traders to arrange transactions on the block at a certain order, meaning traders pay higher gas fees to get their transactions validated early. Currently, Flashbots are the largest builders in the Ethereum ecosystem that includes 80% of the relaxed blocks.
While validators who use constructers will benefit the most from improvements, traders who use the builder to execute their trades can also benefit, as they no longer have to pay transaction fees for failed trades. Traders are currently also charged for failed transactions as miners need to confirm transactions to the chain whether they succeed or fail.
The testnet version for Shanghai upgrade, dubbed Shandong, will air on October 18, and developers of Ethereum will work on various implementations until September 2023.
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