Ethereum developers have moved the network one step closer to enabling withdrawals of the $26 billion of staked Ethereum currently helping validate transactions, after successfully deploying the first mainnet shadow fork for the Shanghai upgrade.
The upgrade, which is expected to be launched in March, will allow Ethereum stakers to withdraw their funds on the network. Mainnet shadow forks are final practice runs of system improvements, allowing developers to test for design flaws and tweak any outstanding issues.
Shanghai is set to be the first significant update since Ethereum's Merge in September, which shifted the network to a Proof-of-Stake mechanism.
The merge also enabled users to deposit ETH with the network to become validators and aid in verifying on-chain transactions, in return for accumulating rewards in the form of newly minted ETH.
According to analysts at JP Morgan, the flexibility for stakers of ETH to withdraw their funds at any time "could mark a new chapter of staking" for leading cryptocurrency exchange Coinbase, as staked ETH being locked has been a “big dis-incentive to stake ETH historically.”
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