Ethereum Successfully Processes Staking Withdrawals on Testnet

Successful staking withdrawal process

Cryptocurrency Ethereum (ETH) processed staked Ethereum withdrawals on the testnet “Zhejiang” on the 8th.

Withdrawal of the full amount and part of the amount is processed at the timing of “epoch 1350”, and finalization is also performed. This is a test for the next upgrade “Shanghai/Capella” (hereinafter referred to as “Shanghai”), which Ethereum is aiming to implement next month.

And we hit Shapella on Zhejiang testnet. Withdrawals and BLS changes are already included in the first slot at 43200 (epoch 1350). Full and partial withdrawals both processed. BLS changes are also processed. /t.co/AHMt2x1AbV pic.twitter.com/SlgpaOQx6f

— Barnabas Busa (@Barnabas Busa) February 7, 2023

connection:Thorough comparison of domestic exchange staking services | Explanation of Ethereum staking procedures

The above tweet was posted by Mr. Barnabas Busa of the Ethereum Foundation. It reports the processing necessary for withdrawals and the fact that actual withdrawals have been made successfully.

The Ethereum blockchain is currently available for staking, but it is not yet possible to withdraw staked Ethereum or rewards. The implementation of this withdrawal function will take place in Shanghai, and Ethereum developers are currently continuing to test it.

According to the official website, the amount of Ethereum currently staked exceeds 16.4 million ETH (about 3.5 trillion yen). There is a view that the implementation of the withdrawal function will cause a certain amount of selling pressure in the short term. It is also expected to stimulate demand for ringing.

connection: What impact will the Shanghai upgrade scheduled for March have on the Ethereum market?

As for Shanghai, there was also a view that it could be implemented by the middle of March at the shortest this month.

connection: Ethereum, Shanghai upgrade test implementation planned for a total of 3 times

Future Plans

The Ethereum Foundation reported on the 7th that members of the Ethereum client team gathered in Austria for a week-long workshop. Such workshops were also held before the last upgrade “The Merge”.

In the report, the developers explained that over the past few months, the developers have moved forward with the development of many new features, including the withdrawal feature mentioned above. While the focus is currently on the staking withdrawal feature, developers are also preparing for subsequent upgrades in parallel. The workshop also covered post-Shanghai upgrades.

connection: Ethereum to implement “EIP-4844” to reduce L2 fees up to 100 times

According to Tim Beiko, who does protocol support for Ethereum, Shanghai will be implemented on the Sepolia testnet in mid-February. From late February to early March, we plan to implement it on the Goerli testnet as well.

The post Ethereum Successfully Processes Staking Withdrawals on Testnet appeared first on Our Bitcoin News.