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Via messenger exchange with Ethereum developer Cryptoslate Maika Zoltu We have confirmed that the upcoming Shanghai upgrade will not allow withdrawal of staked ETH tokens.
Currently, ETH can only be deposited into staking contracts and cannot be withdrawn. Per Ethereum, the withdrawal feature will be enabled after the Shanghai upgrade. However, it has since emerged that the previous literature on this issue was incorrect.
Since the Proof-of-Stake (PoS) beacon chain was launched in December 2020, total 13.4 million ETH Locked in chains. At today’s prices, this is valued at $20.9 billion.
However, depositors are now in the dark about returning their tokens as it has been confirmed that Shanghai will likely not allow withdrawals.
Once the merge is complete, thoughts turn to the next major Ethereum upgrade.
Shanghai was originally scheduled to be released in 6 to 12 months, according to the Ethereum website.But as Blockchain Educator pointed out@dimi_hthis estimate was quietly scrubbed so as not to leave a deadline.
Nonetheless, Shanghai’s upgrade will focus on gas bill reductionBased on ongoing developer discussions, there are no definitive plans yet on how to achieve this goal.
However, among the ideas floating around are protocols related to making block network interactions more efficient and roll-up technology that batches multiple transactions and shortens confirmation times while reducing fees. Contains a dunk sharding implementation.
It’s unclear how best to approach lowering gas prices, but one of Shanghai’s goals was to include a staking withdrawal. However, it has since become clear that this is no longer the case, causing confusion within the community.
Zoltu told CryptoSlate that there is no agreed timeline for initiating withdrawals at this time.
Many are eyeing Shanghai, but the core developers have yet to discuss what will actually be included
With that, the developer confirmed that the Ethereum website was incorrect and explained the hiccup as a result of “everything being decentralized”.
Protocol Specialist at Coinbase, Victor Buninjoined the discussion by stating that ETH holders accept a massive amount of risk by staking the tokens and that there is no definite date for their return.
He urged the developers to allow retraction in the Shanghai upgrade or face losing the goodwill of the community.
“Failure to do so would undermine the goodwill of the community and be irreparably cruel.”
