Wednesday, November 30, 2022
HomeCrypto NewsMarketEthereum Stakers May Be Able To Withdraw Staked ETH In Few Months

Ethereum Stakers May Be Able To Withdraw Staked ETH In Few Months

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Developers are leaning towards enabling withdrawals in March.


Ethereum stakers may be able to withdraw tokens locked in the ETH 2.0 staking contract as early as March, per a summary of a recent developers’ call authored and retweeted by Ethereum lead developer Tim Beiko.

Per the message shared, enabling withdrawals is a top priority for developers for the Shanghai upgrade. Consequently, developers believe it would be possible to roll out a Shanghai upgrade with withdrawals allowed by March.

“… but there is strong (unanimous?) consensus that withdrawals should happen ASAP, and if we add anything alongside them in the fork, the delays to Shanghai should be minimal,” Beiko wrote. “Teams felt like a March fork with withdrawals should be possible.”

Notably, holders can expect more specifics on the Shanghai upgrade and staking withdrawals on December 8, when developers will host the last All Core Devs (ACD) call of the year. According to Beiko, developers plan to start the meeting with a status update on withdrawals.

It bears mentioning that a significant factor that could affect the timeline for withdrawals is EIP 4844, which will introduce Proto-danksharding, kick-starting the Ethereum sharding roadmap. It is an essential scaling solution for the network that will boost efficiency by splitting transactions. Notably, developers are considering shipping it with the Shanghai upgrade. However, Beiko notes that it may affect the withdrawal timeline.

The Ethereum Foundation assured users that the network would enable the withdrawal of staked ETH 6 to 12 months after The Merge. However, a message from a developer that made the rounds on Twitter shrouded this timeline with uncertainty as the developer asserted that there is no clear timeline and stakers may have to wait till 2024.

Notably, the message attracted criticism from Input Output Global chief Charles Hoskinson who asserted that Ethereum was becoming “The Hotel California” of crypto.

15.3 million ETH worth over $18 billion is currently locked in the Ethereum staking contract per data from ultrasound.money.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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