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Ethereum's Shanghai Upgrade Will Help Layer 2 Networks, Crypto Investor Says

Max Williams, chief operating officer at Runa Digital Assets, noted the upgrade will allow developers to focus on improving users' experience.

By Fran Velasquez
AccessTimeIconApr 6, 2023 at 6:08 p.m. UTC
Updated Apr 9, 2024 at 11:09 p.m. UTC
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Ethereum-based layer 2 blockchains are likely to benefit from the network's upcoming Shanghai hard fork, also known as the “Shapella” upgrade, said Max Williams, chief operating officer at digital asset-management firm Runa Digital Assets.

“There's a big benefit here coming to layer 2’s,” Williams told CoinDesk TV’s “First Mover” on Thursday about Ethereum's software upgrade that is scheduled for April 12.

Williams wrote a report on the upgrade. It stated that the layer 2 sub-sector is “already trending well” and that the upgrade will give developers the time “to shift their attention to improving the user experience on layer 2s.”

Shapella is the final upgrade in Ethereum's migration to a proof-of-stake method of maintaining the network, It will allow withdrawals from staking ETH, Williams said. Other benefits will be to lower fees for users and to increase Ethereum's capacity to handle transactions.

Read more: Upcoming Upgrades That Will Shape the Ethereum Ecosystem

Edited by Ben Schiller and Mark Nacinovich.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Fran Velasquez
Fran Velasquez

Fran is CoinDesk's TV writer and reporter.

Follow @_franvela on Twitter

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