Crypto

Here’s When Ethereum Stakers Can Withdraw Their ETH

After the Ethereum Merge earlier this year, the Ethereum ecosystem is ready to take another big step towards the Shandong Testnet. Ethereum stakers, of which there are many, will be happy to see this step towards withdrawals.

In the upcoming days, the Shandong Testnet will be relaunched, according to the Ethereum Foundation JavaScript Team. A number of Shanghai-considered EIPs are activated for early customer testing on the pre-Shanghai testnet known as Shandong.

The tweet below claims that allowing withdrawals is the Shanghai upgrade’s top priority for developers. Therefore, they think that a Shanghai upgrade that permits withdrawals might be released by March.

Ethereum lead developer, Tim Beiko also said, “There is strong (unanimous?) consensus that withdrawals should happen ASAP, and if we add anything alongside them in the fork, the delays to Shanghai should be minimal. Teams felt like a March fork with withdrawals should be possible.”

The current ETH staking system is flawed because there are no withdrawal options. In fact, validator nodes must theoretically stake at least 32 ETH. Due to this, only significant ETH holders are able to operate a validator node for the Beacon Chain. However, a number of exchanges now allow their customers to stake Ethereum on their nodes.

Other Ethereum developments

Even though the switch from PoW to PoS took much longer than expected, the schedule was largely accomplished when operational testing of the Merge started. It is safe to assume that the staked ETH will be released in 2023 if that devnet testing is successful.

There have been several other important ether staking yield developments. Staking has increased recently, with Lido offering over 5% as a result of the decline in gas prices. Lido is a staking method for ether liquidation that makes use of the stETH token. There are currently more than 102,000 different Lido stakers.


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