Ethereum Staking Withdrawal Feature Launches New Development Testnet

Test withdrawal function

Cryptocurrency Ethereum (ETH) launched version 2 of its devnet (development network) on the 11th, which allows you to test the withdrawal function of staked Ethereum.

According to a meeting held on the 12th, the operation is going well except for a few problematic blocks. The next week, it explains that it will release a version with a wider range of use.

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Version 1 of devnet was released last November. At that time, it was explained that this devnet is dedicated to drawers and does not include other features that will be implemented in the upcoming upgrade “Shanghai”.

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Currently, the Ethereum network allows staking, but withdrawals are not yet possible. Shanghai is now continuing testing to implement this withdrawal feature.

Regarding the withdrawal function, “Shadow Fork”, which is a more stressful test, was also conducted for the first time on the 12th. This test will also expand the participants and will be held in the mainnet environment in a few weeks.

About the implementation of Shanghai

Shanghai is currently targeted for March 2023. Ethereum’s official website states that it will be implemented by June 23. At a core developer meeting held this month, they reaffirmed their target launch date for Shanghai’s public testnet in early February.

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As of this writing, the amount of Ethereum staked is over 15.9 million ETH. Some people are concerned that the implementation of the withdrawal function will lead to selling pressure on Ethereum, but it is said that withdrawals are made in stages and not all validators can withdraw at once. .

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There are also voices saying that if the withdrawal function is implemented, it will be possible to attract new staking participants.

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