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Ethereum Foundation to test staked ETH withdrawals – The Defiant

Shandong Testnet will be relaunched with withdrawals enabled

Ethereum developers are moving towards enabling Beacon Chain withdrawals for ETH stakingrs.

On November 23, the Ethereum Foundation JavaScript Team said it will relaunch the Shandong Testnet in the coming days with ETH withdrawals enabled for the first time.

On the same day, Marius van der Wijden, an Ethereum developer working on the Go Ethereum (Geth) software client, tweeted that Ethereum client teams launched a multi-client devnet to test Beacon Chain withdrawals.

The devnet currently supports Geth, Nethermind, Lodestar, Teku, Lighthouse, and Prysm clients.

Ethereum began its transition to Proof-of-Stake consensus in December 2020 with the launch of the Beacon string, formerly known as the Eth2 Consensus Layer. While the launch allowed ETH holders to stake their tokens for the first time, users cannot withdraw their funds from the Beacon Chain until Ethereum next major updateShanghai, which should take place at the end of next year.

Fusion

The Beacon Chain operated independently of the main Ethereum proof-of-work (PoW) network until fusion unified the consensus layer with the execution layer of Ethereum’s mainnet in September 2022. The upgrade started the network miners, precipitating a 99.8% reduction in network power consumption and an 88% decline in new Ether issuance, paving the way for ETH to become a deflationary asset.

The update on ETH withdrawals comes after an estimated time frame was removed from the Ethereum website.

The Ethereum Foundation originally expected the Shanghai upgrade to allow withdrawals between six and 12 months after the merger, but Tim Beiko, an Ethereum developer, recently Told CoinDesk that the initial estimate was based on the average time taken between previous upgrades.

Gabe Higgins, the organizer of the Tampa Bay Bitcoin Conference, argued that Ethereum is not trustless as network participants depend on others to enable withdrawals.

“The biggest concern I see is that *someone* has the control to allow this,” Higgins said. “Without a date or a trustless mechanism to activate the SC, that means a relying party is involved. This is a huge mistake and a security risk.

‘Taken hostage’

“Most people complaining have already bet due to promised soft deadlines that seem meaningless,” tweeted Phtevenstrong, founder of DeFi Dojo. “I agree that ETH will eventually be unstakeable, but I also agree that it is absurd to hold staked ETH hostage indefinitely.”

Teams working on Ethereum clients took the reins of building withdrawals earlier this month.

November 12, van der Wijden tweeted that developers representing different Ethereum customers would soon start collaborating to enable withdrawals on a private testnet. “There is a lodestar-geth, lodestar-nethermind removal devnet that is already working successfully, but we wanted to add Prysm to the mix,” he said.

On November 19, Marek Moraczyński, team leader of software client Nethermind Ethereum, said that Nethermind will place a high priority on efforts to enable withdrawals. “Yesterday our core team unanimously agreed that withdrawals should be the top priority,” Moraczyński tweeted.

Ether is up 3% in the last 24 hours.

ETH priceSource: The Defiant Terminal



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