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- Staked ETH withdrawals set to be implemented on February 1.
- Dubbed Zheijiang, this is part of the upcoming Shanghai upgrade.
- Developers have planned March 2023 release for the Shanghai upgrade.
On February 1, developers of the Ethereum protocol will launch a new test network named “Zhejiang.” With this, users can start testing Ethereum Improvement Proposal-4895, which is part of the system’s next major update, dubbed Shanghai. Testnets are a copy of the primary blockchain that operates on top of it. They provide a safe space for developers and end users to try out new features and applications before releasing them to the general public.
At present, Ethereum supports most staking-related functions. To run a validator node, users have to option to stake 32 ETH. This functionality was introduced in December 2020 alongside the beacon chain. Users can also earn staking rewards thanks to the Merge upgrade in September 2022. However, despite these features, validators on Ethereum have been unable to withdraw staked ETH. This limitation was put in place to keep the staking network secure.
Now, starting at 10 a.m. ET on Wednesday, a testnet will be available for users to try out the staked ETH withdrawals, also referred to ...
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