To achieve the Merge, it was necessary in particular for ether users to group together ETH tokens on the Ethereum network. Users had two options for staking on the molten blockchain. They could either carry out the operation themselves or entrust it to specialized companies, such as the Binance and Coinbase exchanges. Since the latter option was more advantageous, many opted for this one. However, after staking ether, there was a major problem: users could not withdraw the staked ETH. Why ? It is simply because no mechanism exists to make such a withdrawal. The developers therefore thought of creating a feature to withdraw ether from staking validators.
A new devnet to test the staked ether withdrawal mechanism
Developers they’ve thrown a development network on the Ethereum blockchain for testing withdrawal ether after staking. The new devnet will allow detect any potential bug on the staked ether unlock feature. The teams, which are developing the validation software, are currently using the devnet to carry out the necessary tests. The idea is to succeed in launching, by next year, a tool that will allow validators to open staking withdrawals in complete safety.
Ethereum Developer Marius Van Der Wijden said:This is the first devnet that enabled withdrawals on all of these implementations, and that’s a big step forward“. “It also helps other customers to test their implementations by joining the network“, he added. The developer clarified that a name upgrade to Shanghai is planned. It carries several upcoming features apart from removal.
Staking withdrawals to eliminate the risk of centralization
The lack of the staked ether withdrawal feature has caused a lot of fear within the Ethereum community. Indeed, users feared there would be centralization after the blockchain was migrated to Proof-of-Stake (PoS) consensus. This fear appears quite legitimate when we know that the majority of validators on the Ethereum network are under the control of a few entities.
It is true that after the Merge, the companies (Staked.us, Coinbase, Figment, Binance, Bitcoin Suisse, Kraken, etc.) specialized in staking had a hand on a good part of the ether deposited in the nodes of confirmation. They have also made decisions on behalf of the stakers.
Once staked Ether withdrawals are possible, Ethereum users will be more reassured. The upcoming feature could significantly reduce fears about the risks of network centralization.
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