Staked ETH Withdrawal Possible by March 2023 as per Ethereum Devs

• Ethereum’s developers deliberated on what changes to include in their next upgrade.
• Permitting ETH withdrawals would definitely be a significant feature as per devs.

On Thursday, the core developers of Ethereum concluded that an update to the network allowing users to withdraw staked ETH might come as early as March of 2023.

Ethereum’s developers deliberated on what changes to include in their next upgrade, Shanghai, in the months after the network’s historic, successfully completed merge upgrade in September. Developers from many backgrounds fought for their pet innovations to be prioritized. Staking ETH withdrawals, however, topped practically everyone’s wish list.

Highly Anticipated Shanghai Update

Moreover, Ethereum’s creation method shifted when the network switched to a proof-of-stake consensus mechanism after the merging. In order to create new Ethereum, holders may now deposit their current ETH with the network. As with any investment, the more money you put in, the more money you’ll make. There is, however, one catch: you cannot retrieve any of the ETH at this time.

Furthermore, Ethereum developers decided that permitting ETH withdrawals would definitely be a significant feature to be added in the Shanghai update, which is not surprising given that around $19 billion worth of ETH is presently staked with the network, according to statistics compiled by Dune Analytics.

The developers have said that they would prioritize the rollout of the option to withdraw staked ETH above any other updates contained in Shanghai if the latter’s release is delayed beyond March. The possibility that further hoped-for enhancements to Ethereum will be included in the update will depend on this decision.

Ethereum developers are still holding out hope that EOF can be implemented in Shanghai. Although they may delay its release until later if necessary.

Recommended For You:

Crypto Lending Platform Nexo Introduces Ethereum Smart Staking