An important major update for Ethereum (ETH) is coming soon that will finally make withdrawals possible. Last week we already reported about the tests that developers were doing in connection with the ETH withdrawals. From the first day of February, the testnet ‘Zhejiang’ has also been launched.
On this testnet, users can participate in a test phase for ether recordings. Users can now transfer their ETH to deposit on the test net. After an update next week, users will be able to withdraw their tokens again.
The Zhejiang public testnet is going live tomorrow (1st of Feb 15:00 UTC, 2023). Shanghai+Capella will be triggered 6 days later (at epoch 1350). You will be able to deposit validators, practice BLS change and exit without risk. All links are here: https://t.co/XNlsDIG0cm pic.twitter.com/sKKDJmolt2
— Barnabas Busa (@BarnabasBusa) January 31, 2023
Major Ethereum update is approaching
Last week, the developers were experimenting with a shadow fork. This is, as it were, a duplication of the Ethereum mainnet on which tests can be performed without affecting the real Ethereum network. This included testing with malware-infected blocks. These tests seem to have passed through positively and now it is the turn of the testnet for users.
The withdrawals from the strike contracts are highly anticipated. The moment when users can access their ethereum has been postponed time and time again. If today’s testnet is a success, we can say that the big moment is very close.
The Ethereum developers have set the deadline for Ethereum withdrawals to March. With the launch of the ‘Zhejiang’ testnet, we therefore seem to be in the final development phase. If all goes according to plan, we can anticipate ETH withdrawals from the staking contracts sometime next month.
Is Ethereum taking a risk?
Currently, about $25 billion in ETH is tied up in Ethereum’s staking contract. Still, there are developers who prefer to see the major update postponed. According to Ethereum developer Micah Zoltu, a great risk is taken by making the withdrawals as rushed as possible.
“It feels like we are not thinking about the long term health of Ethereum. We mainly think about what the general public is waiting for.”
Nevertheless, it was decided to facilitate the recordings as quickly as possible. $25 billion in staked tokens is no small feat, and who knows what the reaction would be if delays happened again.