Ethereum Testnet Executes Its First ETH Staking Withdrawal

February 8, 2023

Ethereum Testnet Executes Its First ETH Staking Withdrawal

An Ethereum Test Network, popularly known as Testnet simulated withdrawals of staked ether (ETH) for the first time. As a result, it has come  a step closer to bringing the second–biggest blockchain a significant transition, from a historic transition to the fully–featured Proof–of–Stake (PoS) network.

The Testnet which is also termed Zhejiang executed this withdrawal simulation on February 7, 2023, a week after going live. The Testnet is designed to assist developers with the dress rehearsal of the withdrawals which is similar to those that will happen on the main Ethereum blockchain. It will be followed by long–awaited Shanghai upgrade, which is expected to take place in March 2023.

As per the reports of Coin Desk, “The Zhejiang Testnet supports the partial and full withdrawals along with some BLS changes. The BLS features allow people to change their withdrawal credentials and process staked ether withdrawals effectively.

Zhejiang is the first of the three testnets that will run through a simulation of Shanghai. The testnets are designed to duplicate the main blockchain It also allows developers to test code changes and their respective applications in the low–stake environment.

Shanghai is the first hard fork for Ethereum as it was the first to go through Merge in September 2022 when blockchain’s transition to the PoS network got official. The transition to PoS made Ethereum more energy-efficient and served as the mechanism for securing transactions.  However, until the Shanghai upgrade happens, the staking mechanism will remain one-way in the blockchain.

The next testnet upgrade to Sepolia is expected to take place in the upcoming weeks which would then be followed by Goerli. These updates have been the most anticipated event for the ecosystem and crypto traders eagerly look forward to the impact of Shanghai on the cryptocurrency staking market.

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