Ethereum’s latest upgrade, known as Shanghai, has been successfully implemented, bringing substantial improvements to network efficiency. The upgrade focuses on optimizing the Ethereum Virtual Machine (EVM), reducing gas fees, and enhancing transaction throughput. This development is a significant step towards Ethereum 2.0, which aims to transition the network from Proof of Work (PoW) to Proof of Stake (PoS) to address scalability issues. The Shanghai upgrade has reduced gas fees by approximately 30% and increased transaction speeds by 20%, benefiting DeFi applications and everyday transactions. The upgrade also includes improvements to smart contract execution, making the network more robust and scalable.
