There are over $26 billion locked up for staking on the Ethereum blockchain. Users will be able to recover the funds once the Shanghai upgrade takes place. The event is fast approaching and things are accelerating with the success of Ethereum’s first shadow fork.
Successful completion of staked ETH withdrawal capacity test
The world’s largest smart contract network is increasingly poised for a major upgrade. To this end, Ethereum successfully deployed its first shadow fork last Monday. It is now operational as Decrypt announced.
The Ethereum mainnet shadow fork was developed to test the withdrawal capacity of ETH staked. Developers use shadow forks to check for potential design flaws in a platform. This also allows them to solve problems on the latter.
A shadow fork is described as a general and complete rehearsal of a system update. Monday’s test gives a preview of what to expect with the upcoming upgrade. Recall that the Shanghai update will introduce the withdrawal function for staked ETH.
Shanghai: the first major event after the Ethereum Merge
The Shanghai upgrade is a highly anticipated event within the cryptosphere, especially by the Ethereum community. This is the first major update since the Merge which took place in September.
It must be emphasized that the merger allowed Ethereum to move from consensus PoW to consensus PoS. It also offers users the possibility to deposit ETH on the blockchain in order to become validators. Users will then contribute to the authentication of transactions.
They get rewards in exchange for these services. They have the option of accumulating these rewards in the form of staked ETH. Speaking of which, since December 2020, users have staked nearly $26.5 billion worth of ETH for rewards.
The Shanghai upgrade is expected to take place in March. Once this is the case, users will finally be able to withdraw their staked ETH. Note that the Ethereum developers are very keen on meeting the deadline for the upgrade. For them, it is imperative to allow the withdrawal of ETH in staking, as quickly as possible.
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