Ethereum (ETH) developers will prioritize the withdrawal of staked ETH in the Shanghai upgrade scheduled to hold as early as March 2023.
.@TimBeiko's summary in Eth R&D Discord of #AllCoreDevs call pic.twitter.com/RU4I2zdXKd
— abcoathup.eth ???? (@abcoathup) December 9, 2022
According to Tim Beiko’s Twitter thread, the developers discussed the scope of the Shanghai upgrade as well as the “EVM Object Format” (EOF) implementation.
EOF is a collection of Ethereum Improvement Proposals (EIP) that will aid in the advancement of the Ethereum Virtual Machine (EVM). 3540, 3670, 4200, 4570, and 5450 are among the EIPs.
According to Beiko, the developers agreed that EOF would be implemented as long as withdrawals of staked ETH were not delayed.
Barnabas Busa, a DevOps Engineer at the Ethereum Foundation, also mentioned that two private testnets are currently testing Ethereum consensus layer clients. Both chains support full and partial withdrawals.
However, issues such as mass withdrawals must still be tested before the Shanghai hard fork is implemented.
Ethereum client teams also demonstrated readiness for the March 2023 withdrawal target.
Developers will be asked again in January 2023 whether they want to add another significant improvement to the Shanghai upgrade or focus solely on withdrawals.
Since Ethereum completed its transition to a proof-of-stake network in September, there has been discussion about ETH withdrawals from the Beacon chain.
Some members of the community speculated that after the merge, they would be able to withdraw their staked tokens.
When rumours surfaced that staked ETH withdrawal might not be included in the Shanghai upgrade, the community became concerned.
Carles Hoskinson, the founder of Cardano (ADA), has criticised Ethereum for the lack of clarity surrounding staking withdrawals.
ETH gained 4% in the last 24 hours
The news of staked ETH withdrawals has boosted Ethereum’s price performance.
According to data, the second-largest digital asset by market capitalization increased by 4.4% in the last 24 hours to $1,284 as of press time. Over the last week, ETH has mostly traded above $1,200.
To read our blog on “Ethereum’s merge make it a greener crypto currency,” click here
