Shanghai: the update that will reopen withdrawals – In September 2022, the network Ethereum (ETH) experienced its most significant evolution to date. Indeed, the network has made its transition from Proof of Work to Proof of Stake. Nevertheless, the ETH deposits in staking can not not be withdrawn. At least, until next March and the deployment of the hard fork Shanghai.
Hard fork Shanghai: soon the opening of withdrawals
Since its launch in 2015, Ethereum developers have been considering a transition to its consensus mode. However, this transition is not trivial. That’s why in December 2020, the developers deployed the beacon chaina blockchain that runs alongside Ethereum, but uses the Proof of Stake. Users, meanwhile, were asked to deposit ETH there to participate in the validation process.
Finally, when The Merge, the application layer of Ethereum has been attached to this new consensus layer in Proof of Stake. However, this connection has no not however rendered possible to withdraw ETH deposited in staking. Indeed, it was planned that the opening of withdrawals would be rolled out downstream to ensure that the transition to Proof of Stake went smoothly.
Eventually, the developers decided to prioritize theopening of withdrawals for the first hard fork of the year, namely Shanghai. In practice, this should be deployed in March and focuses on the smooth running of the opening of withdrawals.
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A first Ethereum shadow fork to test withdrawals
Obviously, the development of such a feature should not be taken lightly. With this in mind, several teams of developers are working on it, together with the teams of the various customers.
In the end, it would seem that the developers have made significant progress on the project. Indeed, the latter deployed a shadow fork mainnet to test withdrawals. As a reminder, a shadow fork is nothing more than a copy of the mainnet made for the purpose of carrying out tests.
On January 23, the developer Marius Van Der Wijden stated that the Withdrawal-Mainnet-Shadow-Fork-1 was being finalized.
“Withdrawal-Mainnet-Shadow-Fork-1 is being finalized. It started with some issues because the configuration was not correctly applied on geth. Now the configuration is applied correctly, and all nodes agree. »
For the next step of these tests, the developers will implement evil knots to identify the impact they might have. These nodes will be deployed on both the consensus layer and the execution layer. Their goal will be to spam invalid blocks and messages to see if the channel reacts correctly.
At the same time, The Merge made it possible to Deflationary Ethereum due to the emission reduction coupled with the burn (destruction) of the EIP 1559. Indeed, since its deployment, the EIP 1559 has caused the destruction of $4.6 billion in ETH.
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