Ethereum developers have finally started testing ETH withdrawal punctuated with the launch of a new developer network.
The development is significant, marking the first steps towards enabling Beacon Chain withdrawals for ETH stakers. The devnet will prepare client teams to enable validator staking withdrawals as early as next year.
Testing of staked ETH withdrawals will begin
Ethereum developers have announced the release of a new developer testnet to test validator staking withdrawals. Staked ETH withdrawals are a feature yet to be implemented on the network. According to Ethereum developer Marius Van Der Wijden, the new devnet will help set the stage for validator staking withdrawals, which could be implemented as early as next year with the launch of a planned upgrade in Shanghai. .
Van Der Wijden said,
“This is the first devnet that has allowed retirements on all these implementations and it’s a big step forward. It also helps other customers to test their implementations by joining the network.
According to Wijden, several Ethereum clients building proofing software are already testing staking withdrawals in preparation for the Shanghai upgrade, looking for potential bugs. He also clarified that the devnet will only focus on staked ETH withdrawals as the Shanghai features have yet to be tested.
Shanghai’s timeline is unclear
Ethereum began its transition to a Proof-of-Stake consensus mechanism in December 2020 when it launched the Beacon Chain. The launch allowed ETH holders to stake their ETH. However, the problem was that they could not withdraw their ETH from the Beacon chain until its next major upgrade, the Shanghai upgrade, which is scheduled for next year. However, the Ethereum website removed an estimated time frame.
Originally, the timeline for Shanghai’s upgrade to allow withdrawals was set between six and twelve months after the merger. However, Tim Beiko said that this initial estimate was based on the average time between previous Ethereum updates. He said at the time that he saw no reason why this upgrade would take longer than previous upgrades.
A community on edge
The potential schedule change hasn’t gone down well with the big guys Ethereum community, and in particular, ETH players. ETH players have repeatedly declared when they might withdraw their funds, and the lack of a clear timeline has made some of them nervous. Tampa Bay Bitcoin Conference organizer Gabe Higgens said Ethereum could not be trustless since attendees relied on others to enable withdrawals.
“The biggest concern I see is that *someone* has the control to activate this. Without a trustless date or mechanism to activate the SC means, there is a relying party involved. That’s a huge mistake and a security risk.
Others criticized the timelines, calling them meaningless, such as the founder of DeFi Dojo, who said,
“Most people complaining have already bet due to promised soft deadlines that seem meaningless. ‘ETH hostage.’
Beiko assures the community
Tim Beiko quickly assured fans that there was no change in the withdrawal status and that all deadlines still stand.
“I do not monitor daily changes to Ethereum.org, but there have been no changes in the status of the withdrawals: they are included in the next network upgrade, as can be seen in the specifications of the execution and consensus layer.”
Ethereum developers also said they are committed to making withdrawals a priority for the Shanghai update. An Ethereum Foundation DevOps engineer, Parithosh Jayanthi, said:
“There are always talks about timelines and moving things around, but I don’t think there’s ever been more consensus among core developers to push back withdrawals. It was and always will be included in the next fork. I don’t see a scenario where withdrawals aren’t dispatched on the next fork.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.