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A testnet that will demonstrate Ethereum staking withdrawals will go live on Wednesday, according to a statement from the developer at January 30th.
Ethereum Foundation members Parithosh Jayanthi and Barnabas Busa said that the Zhejiang testnet will go live on February 1 at 15:00 UTC. The Shanghai and Capella upgrades will be triggered on the testnet six days later (in epoch 1350 on the blockchain).
Once the process is complete, the validator can try to stake withdrawals in a practice environment without real funds. Validators can convert between credentials, test partial and full draws, and completely log out of their validator node.
Ethereum currently supports most other staking-related features. Users can now stake 32 ETH ($55,200) to operate validator nodes. That feature has been available since the developer launched the Ethereum beacon chain in December 2020. Users can also earn staking rewards since the September 2022 Merge upgrade.
Despite that capability, Ethereum does not allow validators to withdraw staked ETH. This restriction was introduced to ensure the strength of the betting network.
The absence of staking withdrawals is one of the reasons why liquid staking services, such as those offered by Lido and Coinbase, stand out. While users of these platforms can be prevented from withdrawing their staked ETH, they are also issued corresponding “liquid” tokens which can be freely invested elsewhere. Some of the liquid tokens have seen price movement due to the upcoming increase in staking draws.
The Zhejiang testnet is the next step to introduce proper betting withdrawals on Ethereum. A recent developer call indicated that the feature would be introduced on the mainnet in March. However, there is still no exact date for the upgrade.
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