Ethereum Users Closer to Unlocking $26 Billion in Staked ETH with Shanghai Upgrade

Users are one step closer to accessing the $26 billion worth of eth staked with the world’s largest smart contract network. ethereum’s core developers announced the successful deployment of the first mainnet shadow fork designed to test the readiness of eth staking withdrawal capability. marius van der wijden announced monday on twitter that the first eth withdrawal mainnet shadow fork launched successfully.

Successful deployment of the mainnet shadow fork took place last week, with the goal of testing the readiness of eth staking withdrawal capability. this feature is expected to launch by march, as part of the upcoming shanghai upgrade. shanghai is the first major update since ethereum’s historic merge in september, which transitioned the network to a proof-of-stake system.

Mainnet shadow fork was designed to test for design flaws and tweak any outstanding issues with the eth staking withdrawal capability. ethereum’s core developers are eager to deliver this feature quickly, even at the expense of other improvements. this upgrade is expected to have a significant impact on crypto markets, with analysts at jp morgan recently writing that the ability for eth stakers to withdraw funds as they please “could usher in a new era of staking” for major crypto exchange coinbase. however, the decision to forego an update to the encoding method used to roll out shanghai could have unforeseen technical repercussions for ethereum in the years to come.

By Evey Lovelace

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