Overview

Click to expand overview
As told by fellow Ethereum developer Barnabas Busa, Zhejiang will be the first public testnet to launch after the Merge upgrade. Although still in beta, the full withdrawal 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 An Ethererum test network (testnet) successfully simulated withdrawals of staked ether (ETH) for the first time, bringing the second-biggest blockchain yet another step Users can now begin testing EIP-4895, commonly known as staked ETH withdrawals, which is a part of the protocol's upcoming significant update, the Shanghai hard fork, thanks to the new Allowing withdrawals of staked ETH is a highly anticipated feature given that users who have staked their ETH on Ethereum’s new proof-of-stake (PoS) blockchain so far The Zhejiang Testnet successfully simulated staking withdrawals, paving the way for the mainnet to follow suit. Staking withdrawals could catalyze either positive or negative short-term price

Staked Ethereum Sees Landmark First Withdrawal on Zhejiang Testnet

Ethereum has taken a significant leap forward with the successful simulation of staked Ether (ETH) withdrawals on the Zhejiang testnet. This marks a crucial milestone in the development of the blockchain, paving the way for the highly anticipated Shanghai hard fork and unlocking new possibilities for users.

An Ethererum test network (testnet) successfully simulated withdrawals of staked ether (ETH) for the first time, bringing the second-biggest blockchain yet another step closer to full functionality. This development addresses a key concern for those who have staked their ETH on Ethereum’s new proof-of-stake (PoS) blockchain so far.

The Zhejiang public testnet went 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 glimpse into how staked ETH withdrawals will function on the mainnet.

Zhejiang Testnet: A Critical Step Towards Shanghai Hard Fork

As told by fellow Ethereum developer Barnabas Busa, Zhejiang will be the first public testnet to launch after the Merge upgrade. Although still in beta, the full withdrawal functionality is being tested rigorously.

Users can now begin testing EIP-4895, commonly known as staked ETH withdrawals, which is a part of the protocol's upcoming significant update, the Shanghai hard fork, thanks to the new Zhejiang testnet.

Why Staked ETH Withdrawals Matter

Allowing withdrawals of staked ETH is a highly anticipated feature given that users who have staked their ETH on Ethereum’s new proof-of-stake (PoS) blockchain so far have been unable to access their assets. This functionality is vital for the long-term health and stability of the Ethereum ecosystem.

The Zhejiang Testnet successfully simulated staking withdrawals, paving the way for the mainnet to follow suit. Staking withdrawals could catalyze either positive or negative short-term price depending on user behavior after they become available.

Top Sources

Related Articles