Ethereum Core Developers Say They Are Steadily Working toward Their Goal of Launching and Enabling Shanghai Withdrawal of staked ETH On the network by March.
This week the group launched “devnet 2”. This is a developer network specifically designed to help the client team fine-tune his ETH withdrawal process to get it right. According to a developer call on Thursday, the network’s launch has gone mostly smoothly, albeit with some minor but expected issues.
ETH Withdrawal Feature Launches As Long-Awaited Core Component Of Ethereum Shanghai upgradethe previous upgrade known as .mergeThis includes network participants known as validators who pledge ETH to the network in order to validate transactions and keep the network secure. These validators will also earn her newly created ETH as a reward for staking.
Even before the merger, network users were given the opportunity to start staking on Ethereum in anticipation of the upgrade. ETH worth $22.7 billion It is now included in the staking contract.But these users still can’t remove the stake That means they still can’t get back the ETH they promised.
Ethereum’s Shanghai upgrade is expected to roll out its features, assuming all goes according to plan.Given the above 16 million ETH Introducing the ability to withdraw these funds is naturally a priority for the Ethereum community and network developers.
For example, the Shanghai upgrade was originally intended to include many long-awaited updates such as: protodunk sharding, a streamlined data sampling process that makes layer 2 transactions on Ethereum significantly cheaper and faster. Protodunk sharding was eventually phased out of Shanghai, with the ETH withdrawal feature rolling out as soon as possible.
Last week, developers made the tough decision to delay EOF even further. Ethereum Virtual Machine (EVM), Ethereum’s underlying mechanism for deploying smart contracts. There has been no EVM update for over two years due to delays in such maintenance in the age of merges to avoid further complicating an already complicated procedure. Now we are blazing a trail again to prioritize ETH withdrawals.
However, these delays may make Shanghai’s March delivery date more likely.
Ethereum core developer Marius van der Weyden said: “Things are going well.” DecryptionVan Der Wijden doesn’t predict an exact release date for Shanghai, but said he sees no signs of the upgrade stalling.
“At this time, we are not aware of any issues that could delay Shanghai,” he said.
On Thursday, Ethereum developers also successfully rolled out the network’s first ETH withdrawal shadow fork. This is a dress rehearsal for the upcoming update. However, its shadow fork tested only a handful of clients. mainnet shadow fork (a full Update dress rehearsal) will begin in the next few weeks.
The developers also plan to launch a public Shanghai testnet by early February.
“Once we have a testnet that stakeholders can join to test the workflow, the outreach phase will begin,” said Van Der Wijden. “At that point, the software should be production ready.”
In anticipation of the successful implementation of the ETH withdrawal feature, the tokens that power the staking protocol will be jumped up a lotLido Finance (LDO) rose 34% last week and is currently trading at $2.03, according to . coin geckoRocket Pool is up 24% over the same period and is trading at $27.75.
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