The Ethereum Testnet Has Successfully Processed The First ETH Staking Withdrawals

For the first time, an Ethererum test network (testnet) successfully replicated withdrawals of staked ether (ETH), bringing the second-largest blockchain one step closer to its historic shift to a fully integrated proof-of-stake network. The upgrade began at epoch 1350 at 15:00 UTC and ended at 15:13 UTC. (10:13.

According to an explorer website set up to log transactions on the system, the testnet, known as Zhejiang, permitted the withdrawal simulations early Tuesday after being online last week. The test network is intended to provide engineers with a dress rehearsal for withdrawals that will occur on the main Ethereum blockchain following the long-awaited Shanghai upgrade, which is due next month.

“Partial and full withdrawals, as well as BLS changes, are included in the execution payload on the Zhejiang testnet,” Barnabas Busa, a DevOps developer at the Ethereum Foundation, told CoinDesk. “We’ve got a successful fork.” People can now alter their withdrawal credentials to correctly process staked ether withdrawals thanks to BLS modifications.

Zhejiang is the first of three testnets to run through a Shanghai simulation. Testnets are blockchain replicas that allow developers and users to test code modifications to their applications in a low-stakes setting.

The next testnet update will be to Sepolia in the coming weeks, followed by Goerli.

Shanghai will be Ethereum’s first hard fork since the Merge in September, which officially signaled the blockchain’s transformation to a proof-of-stake network. The switch makes Ethereum more energy-efficient than when it used the Bitcoin blockchain’s proof-of-work system. A proof-of-stake network deposits or “stakes” cryptocurrency on the blockchain as a technique to assist protect transactions.

However, until the Shanghai update occurs, the staking mechanism is one-way – users can put ether in but not out.

For the ecosystem, the upgrade has become a widely awaited event. Crypto traders are watching Shanghai to see how it will affect the market. Some traders predict that Shanghai will stimulate more staking, while others believe that ETH will suffer a price decrease as stakers hurry to extract their long-held cash.

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