The Zhejiang public testnet is going live on Feb. 1 at 15.00 UTC, according to an Ethereum developer who posted the update on Jan. 31.
The testnet will give users a first taste of the withdrawal process and network functionality after the Shanghai upgrade, which is slated for March.
However, users won’t actually be able to test withdrawals until the Shanghai and Capella testnets are upgraded six days later.
This initial phase is for testing deposits to validators and familiarizing with the user interface, then trial withdrawals will be enabled on Feb. 7, the developer said.
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
“The testnet is meant to mimic a chain that is post-merge. Therefore, the genesis state will be in a merged state,” stated the documentation.
The Ethereum Shanghai upgrade is one of the most highly-anticipated events on the crypto calendar this year. It will enable the phased release of ETH that has been staked on the Beacon Chain for as long as 26 months.
Many industry observers have predicted that this will be a boon for Ethereum staking since it is no longer locked up. Liquid staking platforms such as Lido are likely to benefit since they offer more yield opportunities than staking directly.
When Shanghai is deployed, staked ETH will be released in tranches, not all at once. Furthermore, the Ethereum withdrawal period is dynamic and dependent on how many validators there are exiting at the time. Validators must undergo a two-stage process to withdraw, and this includes an exit queue and a withdrawal period.
The exit queue is subject to a mechanism that ensures the network’s stability and security called the churn limit. If a large number of validators wish to exit simultaneously, the withdrawal period could be a couple of months.
In March this changes, and it will have huge impact on Ethereum.
The Shanghai/Capella fork will likely go live next month, and one of the things it does is enable withdrawals from the Beacon Chain. That staked ETH that’s been collecting interest will finally be available.
— Jack Niewold (@JackNiewold) January 26, 2023
There are currently 16.3 million ETH locked up on the Beacon Chain. At current prices, this is valued at around $25.9 billion, representing 13.5% of the entire circulating supply.
Ethereum prices have remained relatively flat over the past 24 hours. ETH spiked above $1,600 a few hours ago during Asian trading but could not hold above that level.
ETH was trading at $1,587 at the time of writing, pretty much the same price where it was two weeks ago as the consolidation continues.
The post Ethereum Zhejiang Staking Withdrawal Testnet for Shanghai Launching appeared first on CryptoPotato.
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