Cryptocurrency

Validators will be able to withdraw staked ETH from March

Hull Invest

so phone On January 5th, Ethereum (ETH) developers reached consensus as a tentative target for a March 2023 Shanghai hard fork. The only significant code change in the Shanghai upgrade focuses on enabling validators to withdraw staked ETH. The developer decided over the phone.

The developers had hoped to incorporate a series of Ethereum Improvement Proposals (EIPs) called the EVM Object Format (EOF) into the Shanghai upgrade, but decided against it with the latest phone. During the call, a developer working on EOF testing said that including EOF would mean delaying the hard fork for at least a month.

EOF introduces a new contract format for the Ethereum Virtual Machine (EVM) that supports decentralized applications and smart contract functionality. The EOF implementation revamps Ethereum’s transaction format to separate smart contract code and data. It will also allow him to upgrade the EVM more easily in the future.

Ethereum co-founder Vitalik Buterin was also concerned about the implications of rushing to implement EOF. He said:

“With EVM, it is much harder to remove something than to remove other features. It should be designed to be very forward compatible.”

In December, the developers agreed that enabling staked ETH withdrawals will be a top priority in Q1 2023.

Ethereum developers have decided to re-evaluate whether EOF should be included in the proto-danksharding upgrade in the next few weeks. This could roll out 3-4 months after him in Shanghai.

Uncertainty about the unlock period of staked ETH has caused a lot of anxiety among investors who have begun to question the future of the network. The long-awaited relief will come. However, some analysts predict that the destaking event could lead to massive outflows, creating high selling pressure on ETH and lowering the price of the asset.

According to the Ethereum Foundation, at the time of writing, 15.88 million ETH (worth about $20 billion) had been staked into the network. data.

Posted In: Ethereum, Staking

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