[ad_1]
Ethereum users are one step closer to access worth $26 billion (and growing) ETH staking with the world’s largest smart contract network.
On Monday, Ethereum core developers announced the successful deployment of the first mainnet shadow fork designed to test the readiness of ETH withdrawal staking capabilities, a feature expected to roll out. in March.
Mainnet shadow forks are a complete exercise for system upgrades, allowing developers to test design flaws and tweak outstanding issues. Monday’s test previewed the upcoming and highly anticipated Ethereum upgrade, which will introduce staking ETH withdrawals to the Ethereum ecosystem.
Shanghai will be the first major update since Ethereum’s historic merger in September, transitioning the network to a proof-of-stake system. The merger also introduces the ability for users to deposit ETH into the network to become validators and help authenticate on-chain transactions. In return, these users can collect rewards in the form of newly generated ETH.
Users have staked nearly $26.5 billion worth of ETH since December 2020 for the prize. But those users will only be able to withdraw freshly minted ETH deposits and original ETH deposits after Shanghai is implemented.
Ethereum core developer Marius Van Der Wijden announced Monday on Twitter that the first ETH withdrawal mainnet shadow fork successfully launched, despite a few minor issues which have since been fixed.
Mainnet-Shadow-Fork-1 Recall being finalized 🚀🚀🚀
It started with some problems because the configuration wasn’t properly applied to geth (we disallow changing the mainnet configuration). The configuration is applied correctly and all nodes agree. We will start some evil nodes.
— MariusVanDerWijden (@vdWijden) January 23, 2023
Overall, that means Ethereum is still on schedule to ship an ETH withdrawal feature in the next five to eight weeks.
That timeline has been a top priority for the network’s core developers, who are eager to provide ETH withdrawal capabilities as quickly as possible—even at the expense of other improvements.
Shanghai was originally expected to include the highly anticipated enhancements, incl proto-danksharding—a simplified data sampling process that will make layer-2 transactions on Ethereum significantly cheaper and faster —and EOF, a much-needed and years-delayed update to the Ethereum Virtual Machine (EVM), the mechanism underlying the network that implements smart contract. However, both updates were postponed to ensure ETH withdrawals could be made in March.
Last week, a number of core Ethereum developers also expressed frustration over the decision not to update the coding method used to launch Shanghai. That decision, another sacrifice made by developers to speed up the release of upgrades, could have unforeseen technical repercussions for Ethereum in the years to come, many core developers notified Decryption.
The release of the upgrade will no doubt have a significant impact on the crypto market. Analysts at JP Morgan recently wrote that the ability for ETH shareholders to withdraw funds at will “could usher in a new era of betting” for major crypto exchange Coinbase, which has seen a decline in value since the start of its most recent crypto winter last May.
Stay on top of crypto news, get daily updates in your inbox.
[ad_2]
Source link