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.
According to the Ethereum Foundation JavaScript team, the Shandong testnet will be relaunched in the coming days. Several Shanghai-based EIPs are active for initial 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.
Tim Beiko, lead developer at Ethereum, also said, “There is strong (unanimous?) agreement that withdrawals should happen ASAP, and if we add anything to them at the fork, the delay in Shanghai should be minimal.” The teams felt that withdrawals With the march fork 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 longer than expected, the schedule was largely met when operational testing of the merge began. It is safe to assume that the ETH at stake will be issued in 2023 if the Devnet test 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.
