Ethereum up 4% after staked ETH withdrawal revelation

Hull Invest

Ethereum (ETH) developers will prioritize withdrawals of staked ETH with the Shanghai upgrade scheduled for March 2023 at the earliest.

Tim Beiko’s Twitter thread revealed that the developers discussed the scope of the Shanghai upgrade and the implementation of the “EVM Object Format” (EOF). EOF is a group of Ethereum Improvement Proposals (EIPs) that help upgrade the Ethereum Virtual Machine (EVM). These EIPs include 3540, 3670, 4200, 4570, and 5450.

According to Beiko, the developer agreed EOF will be implemented unless you delay withdrawal of staked ETH.

DevOps engineers at the Ethereum Foundation Barnabas Busa also mentioned that two private testnets are testing the Ethereum consensus layer client. Full and partial withdrawals are working on both chains.

However, issues such as massive withdrawals still need to be tested before implementing the Shanghai hard fork.

The Ethereum client team also indicated they are ready for the withdrawal target of March 2023. The developers are expected to receive another call in January 2023 to decide whether to add more significant improvements to the Shanghai upgrade or focus solely on withdrawals.

Since Ethereum completed its transition to a Proof-of-Stake network in September, talks about withdrawing ETH from the beacon chain have continued. Some community members speculated that staked tokens could be withdrawn after the merge.

Concerns were raised within the community when rumors surfaced that staked ETH withdrawals may not be included in the Shanghai upgrade. Cardano (ADA) founder Carles Hoskinson has criticized Ethereum for its lack of clarity around withdrawal of staking.

ETH is up 4% in the last 24 hours

News of staked ETH withdrawals had a positive impact on Ethereum’s price performance.

The second largest digital asset by market capitalization has surged 4.4% over the past 24 hours to $1,284 at the time of writing, according to CryptoSlate data. ETH has traded above $1,200 for almost the past week.

Meanwhile, CryptoSlate reported that whales and sharks on Ethereum have been accumulating at record rates since the FTX crash.

Posted In: Ethereum, Staking

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