Summary: The devnet was created to test withdrawal mechanisms for staked Ether after the merger. Marius Van Der Wijden, an ETH developer, stated that the devnet will be accessible to multiple Ethereum clients such as Lodestar and Teku. With an update called “Shanghai”, developers plan to provide support for staked ETH withdrawals. Marius Van Der Wijden (core ETH developer) announced today that an Ethereum devnet was created to test validator withdrawals for staked Ether. The staging area was released by developers to fix the bugs
Marius Van Der Wijden (core ETH developer) announced today that an Ethereum devnet was created to test validator withdrawals for staked Ether. The staging area was released by developers to fix bugs and finalize the withdrawal mechanism validators will use in order to withdraw staked ETH from Ethereum’s proof-of-stake network (PoS).
PoS migration required that you pool ETH and lock these Ether tokens. Ethereum World News reported that approximately 10% of ETH’s circulating stock was staked as of May 30,
The PoS upgrade, better known as The Merge, did not support validator staked Ethereum withdrawal. Developers announced the “Shanghai” update shortly after September’s successful PoS transition. They also stated that the post-merge upgrade would include a withdrawal function to staked ETH.
Wijden tweeted that multiple clients will tap the Devnet, including Prsym and Lighthouse. These clients create validator software to Ethereum’s network.
Update: Prysm is now up-to-date and following the canonical chain– MariusVanDerWijden, @vdWijden, November 23, 2022
Update on Ethereum’s Shanghai
Developers had previously stated that the Shanghai update would be available in the second half 2023. Developers hope to offer features such as “solo staking”, which allows entities to run standalone validator nodes.
The current model uses a few entities such as Binance and Coinbase to stake deposits on ETH PoS. This dynamic was criticised for centralization risks and concerns. These concerns could be addressed by features such as solo staking or withdrawals that would encourage decentralization within ETH’s PoS validateator ecosystem.