Ethereum Devs Reveal Target Date For Staked ETH Withdrawals!

Ethereum Devs Reveal Target Date For Staked ETH Withdrawals! 

Ethereum developers have recently announced the target date for their next major Ethereum hard fork, as well as what this update will entail for the blockchain.

The Shanghai Hard Fork

Following the historic Merge that happened this past September in which Ethereum transitioned from being a Proof-of-Work network to a Proof-of-Stake, the Ethereum developers have already begun working on the blockchains next major update Shanghai.

The Shanghai hard fork will see a number of big upgrades and changes including improving scalability through sharding. Most notably however, this update will allow for staked Ethereum withdrawals.

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Staked ETH Withdrawals

After changing to a Proof-of-Stake system, Ethereum holders were able to deposit their existing ETH in order to yield and generate new ETH. Since then, it’s been reported that around $19 billion worth of ETH have already been staked with the network.

Now, Developers announce that those who have deposited their Ethereum may finally be able to withdraw their new staked ETH tokens as early as sometime in March of 2023. 

“[Staked ETH withdrawals] is clearly the highest priority for everybody. Teams are working on it…People seem to generally want a target around March-ish,” said Tim Beiko, a prominent figure in the Ethereum Foundation.

The developers have also expressed that rolling out the staked ETH withdrawals is one of their top priorities in this update and so other updates within the Shanghai hard fork may be slowed down or put on hold to ensure that staked ETH withdrawals will be available as quickly as possible.

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