Ethereum staking withdrawal testnet ‘Zhejiang’ set to launch Wednesday

A testnet demonstrating Ethereum staking withdrawals will go live Wednesday, according to a developer statement. January 30th.

Ethereum Foundation members Parithosh Jayanthi and Barnabas Busa said the Zhejiang testnet will go live on February 1 at 15:00 UTC. Shanghai and Capella upgrades will be triggered 6 days after he on the testnet (blockchain epoch 1350).

Once the process is complete, validators will be able to try out staking withdrawals in a real environment without the need for actual funds. Validators can convert credentials, test partial and full withdrawals, and fully terminate validator nodes.

Ethereum currently supports most other features related to staking. The user has 32 ETH ($55,200) Manipulate validator nodes. This feature has been available since the developer launched his Ethereum beacon chain in December 2020. The user can also earn staking rewards after his Merge upgrade in September 2022.

Despite these features, Ethereum does not allow validators to withdraw staked ETH. This limit was introduced to ensure the strength of the staking network.

The lack of staking withdrawals is one of the reasons why liquid staking services like those offered by Lido and Coinbase have risen to prominence. Users of these platforms may not be able to withdraw their staked ETH, but they will also issue corresponding “liquid” tokens that can be freely invested elsewhere. Some liquid tokens are seeing price action due to upcoming staking withdrawal upgrades.

The Zhejiang Testnet is the next step in introducing proper staking withdrawals on Ethereum. According to a recent developer call, this feature will be coming to mainnet in March. However, there is no definite date for the upgrade yet.

Posted In: Ethereum, Staking

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