January 30, 2023

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Ethereum network has recently completed a major milestone in the form of the merging event. However, recently the Ethereum developers have launched a new upgrade for testing staking withdrawals.

The upgrade is available on the devnet for the time being, and the Ethereum network has pointed out that the feature was missing from the blockchain till now.

The head developer on the project, Marius Van Der Wijden, has claimed that the project would be ready for public use starting next year.

The feature will require the installation of a new upgrade to make it available on the testnet. The Ethereum stakers and investors can look out for the upgrade named Shanghai.

Risks Associated with Proof of Stake Protocol

Ethereum co-founder has recently introduced the concept of Proof of Reserve that could increase the transparency of the DeFi protocols. In addition, the staking withdrawal upgrade also seems like another step towards calming down the investors who are frizzled by the FTX demise.

The project would also work towards mitigating some of the risks associated with centralized and proof of stake Ethereum protocols.

As per Van Der Wijden, the upgrade in question is considered a big step forward, and it can be deemed as a major step in the development of the Ethereum staking protocols. The other clients that are joining the network could also use it as a reference point or test for adoption.

The Ethereum merge enabled the investors to stake their ETH to a certain limit. However, once the staking capacity was full, the investors were unable to withdraw their ETHs after the PoS Merge.

Also Read:  Kraken CEO Says Binance’s Proof of Reserves is Pointless without Liabilities

Therefore, a considerable amount of staking was shifted from the Ethereum network to projects like Coinbase, Solana, Binance, and stakefish, among others.

To address the matter, the Ethereum network developers have diagnosed the problems and have come up with a solution to grant staking withdrawal options. With the upgrade, users can perform solo staking for independent validators.

Furthermore, investors could also swap staked Ether for normal ETH. The devnet consists of six Ethereum clients, namely Nethermind, Lighthouse, Lodestar, Teku, and Geth.


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