Withdrawals for Staked Ethereum enter testnet phase, ETH price jumps 10% by DailyCoin

Withdrawals for Staked Ethereum enter testnet phase, ETH price jumps 10% by DailyCoin
Withdrawals for Staked Ethereum enter testnet phase, ETH price jumps 10% by DailyCoin

Withdrawals for Staked Ethereum Enter Testnet Phase, ETH Price Jumps 10%

The Foundation’s JavaScript team has announced that it will relaunch the Shandong Testnet in the coming days. This is to kick off withdrawals for Ethereum staked, more than two months after the mainnet meltdown.

Ethereum will relaunch Shandong Testnet

In December 2020, staking was introduced on Ethereum after the Beacon Chain went live. Although the Beacon chain merged with the old proof-of-work mainnet in September, users were unable to withdraw their staked ETH.

The Ethereum JavaScript Foundation has now announced that when the Shandong Testnet is relaunched, developers will be able to test the withdrawal of staked ETH. Marius van der Wijden also noted that Ethereum client teams have launched a multi-client devnet.

Shandong is a pure JavaScript testnet designed for developers to test their protocols before Shanghai – Ethereum’s first post-merger upgrade – goes live in 2023. It also serves as a testing ground for new numerous Ethereum improvement proposals (EIP).

Withdrawals for Staked Ethereum will be tested in Shandong

According to the announcement, upon relaunching the testnet, withdrawals for staked ETH will be enabled. The devnet testing Beacon Chain withdrawals currently supports Geth, Nethermind, Lodestar, Teku, Lighthouse, and Prysm clients.

The Shangdong Testnet will also introduce several critical upgrades and changes to EVM features. The news was received positively by the Ethereum community, especially stakers, as the price of ETH jumped 10% before cooling down to $1,200.

The two-day price chart for Ethereum (ETH). Source: CoinMarketCap

on the reverse

  • There are rumors on Twitter claiming that the Ethereum Foundation may push back its timeline for the removal of staked ether (ETH) from the Beacon chain.

Why You Should Care

This decision marks the beginning of the next important phase for the Ethereum network after the merger that was completed earlier this year.

Check out other recent Ethereum developments below:

Ethereum Name Service (ENS) DAO Selects Karpatkey as Endowment Fund Manager

Investors continue to support Ethereum in the bear market. Read below:

Ethereum Whale Accumulation Spike, Whales Accumulate $1.03 Billion as ETH Slips to $1,000

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. Withdrawals for Staked Ethereum enters in phase testnet price lETH leaps by DailyCoin

. Withdrawals Staked Ethereum enter testnet phase ETH price jumps DailyCoin

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