Ethereum Developers Plan to Enable Staking Withdrawals in March 2023

Ethereum’s core developers are planning to implement the Shanghai update in the spring. However, customers may have to make concessions before they can cash out.

Developers from many backgrounds fought for their pet innovations to be prioritized. 

The method by which new Ethereum tokens are created on the network has evolved since the merge when Ethereum switched to a proof-of-stake consensus process.  A higher return is possible for a larger initial investment. The one catch is that you still can’t get your hands on any of that ETH.

It came as no surprise that Ethereum developers decided today that permitting ETH withdrawals would definitely be a critical feature to be added in the Shanghai update, given that roughly $19 billion worth of ETH is presently staked with the network, according to statistics compiled by Dune Analytics.

However, the developers have also said that if any other upgrade contained in Shanghai hinders its ability to be deployed by March, those enhancements may have to be placed on hold to guarantee that staked ETH withdrawal functionality is given out as soon as feasible. Depending on the outcome, further planned enhancements to Ethereum may or may not be included in the update.

For Ethereum’s part, the team is still holding out hope that EOF will be implemented in Shanghai, but they are prepared to push the functionality back if necessary.

In essence, EOF is a modification to the Ethereum Virtual Machine (EVM), the core mechanism of Ethereum responsible for deploying smart contracts on the network. Despite being desperately required, upgrades to the EVM were deferred during the merging phase because they would have added enormous complexity to an already extremely sophisticated technological event.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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