OneKey Hardware Wallet to Support Ethereum Shapella Network Upgrades and ETH Pledge Extraction Function: All You Need to Know

According to reports, the hardware wallet OneKey officially stated that it will support Ethereum Shapella network upgrades without user intervention. Meanwhile, the upcoming new version of OneKey will also support ETH pledge extraction function.

The new version of OneKey will support ETH pledge extraction function

Introduction

OneKey, the hardware wallet that has gained increasing popularity among cryptocurrency enthusiasts, has made an announcement that it will support the Ethereum Shapella network upgrades without user intervention. The OneKey team has also announced that the upcoming new version of the wallet will support the ETH pledge extraction function. This is good news for cryptocurrency holders who use the OneKey hardware wallet as they will be able to enjoy the benefits of the Ethereum Shapella network upgrades without having to take any action on their part. In this article, we will delve deeper into what the Ethereum Shapella network upgrades are and how the OneKey hardware wallet will support them.

What are the Ethereum Shapella Network Upgrades?

The Ethereum Shapella network upgrades are a series of upgrades that aim to improve the scalability and security of the Ethereum network. The upgrades are made up of seven Ethereum Improvement Proposals (EIPs) that will be implemented in three phases. The first phase, known as the Berlin hard fork, was activated in April 2021, and it introduced four EIPs. The second phase, known as the London hard fork, is scheduled to be activated in July 2021, and it will introduce three EIPs. The final phase, known as the Shanghai hard fork, is expected to be activated in 2022.
The Ethereum Shapella network upgrades are expected to bring benefits such as reduced transaction fees, improved security, and increased transaction throughput. These upgrades are important for the growth and adoption of Ethereum, as they will make the network more efficient and user-friendly.

How Will OneKey Support the Ethereum Shapella Network Upgrades?

OneKey hardware wallet has announced that it will support the Ethereum Shapella network upgrades without any user intervention. This means that users of the OneKey hardware wallet will not have to take any action on their part for their wallets to be compatible with the upgraded Ethereum network.
OneKey has also announced that the upcoming new version of the wallet will support the ETH pledge extraction function. This function allows users to extract their ETH pledges from certain smart contracts, such as the MakerDAO smart contract. Currently, users are not able to extract their ETH pledges from these smart contracts, and this has been a limitation for some users. With the new version of the OneKey hardware wallet, users will be able to extract their ETH pledges with ease.

Benefits of Using OneKey with the Ethereum Shapella Network Upgrades

Using the OneKey hardware wallet with the Ethereum Shapella network upgrades has several benefits. Firstly, users will be able to enjoy reduced transaction fees, which will make it more affordable for them to transact on the Ethereum network. Secondly, the upgrades will improve the security of the network, which will give users greater peace of mind when transacting. Thirdly, the upgrades will increase the throughput of the network, meaning that more transactions can be processed within a given time frame. This will make the network more efficient and faster for users.

Conclusion

The OneKey hardware wallet has made a significant announcement that it will support the Ethereum Shapella network upgrades without user intervention. This is good news for cryptocurrency holders who use the OneKey hardware wallet as they will be able to enjoy the benefits of the upgraded Ethereum network without having to take any action on their part. Additionally, the new version of the OneKey hardware wallet will support the ETH pledge extraction function, which will allow users to extract their ETH pledges from certain smart contracts. With the benefits of reduced transaction fees, increased security, and greater transaction throughput, using the OneKey hardware wallet with the Ethereum Shapella network upgrades is a smart choice for cryptocurrency holders.

FAQs

Q1. What is a hardware wallet?

A hardware wallet is a physical device that stores cryptocurrency securely. It is a more secure way of storing cryptocurrency as it is not connected to the internet, and it requires physical access to make transactions.

Q2. What is the MakerDAO smart contract?

The MakerDAO smart contract is a protocol on the Ethereum network that allows users to borrow DAI stablecoin using their ETH as collateral. Users deposit their ETH into a smart contract, and they receive DAI in return. The collateral can be withdrawn when the loan is repaid.

Q3. Can OneKey support other cryptocurrencies?

Yes, OneKey supports other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many others.