Reports indicate that Ethereum core developers will line up staked ETH withdrawals in the Shanghai upgrade, which will be launched in March 2023. As a result, the token’s price spiked to 4% after the revelation.
In a Twitter thread posted by the network’s core developer, Tim Beiko, the team discussed the focus of the Shanghai upgrade along with the EVM Object Format (EOF) integration. The EOF is a set of Ethereum Improvement Proposals (EIP) that aims to update the Ethereum Virtual Machine (EVM).
Beiko added that the team of developers has unanimously agreed that the EOF project is implemented, which will only be supported if it will not hinder the withdrawals of staked ETH.
According to Barnabas Busa, a DevOps engineer at the Ethereum Foundation, two testnets are running on the network’s consensus layer. Accordingly, the testing round will work on both full and partial withdrawals for both chains.
However, Busa added that the development must further test mass withdrawals before implementing the Shanghai hard fork upgrade.
Furthermore, the Ethereum client team has also shown their readiness for the March 2023 withdrawal target schedule. Similarly, developers expect another discussion in January 2023 to evaluate whether they should add more improvements to the Shanghai upgrade.
Since Ethereum completed its widely publicized proof-of-stake (PoS) transition from proof-of-work (PoW) in September, talks about the token withdrawal have been ongoing. Other community members noted that staked ETH withdrawal is possible after the completion of the merge.
The entire Ethereum community was concerned following rumors that staked ETH withdrawals might not be part of the Shanghai upgrade. Cardano’s founder, Charles Hoskinson, has slammed Ethereum for its lack of clarity concerning staked withdrawals.
The Cardano boss noted that the network has been uncertain about its next course of action following its long-awaited merge.
ETH Sees Price Boost By 4%
Meanwhile, the price of Ethereum reacted to the positive development by surging by up to 4% over the past 24 hours. It trades at $1,269 at the time of writing. Over the past week, the token has consistently traded at over $1,200.
Ethereum whales have been busy toward the end of November as they accumulate the asset at the highest rate in two years. According to a report by Santiment, the previous accumulation at the same scale happened in 2020, which ultimately sparked a rally for ETH as the price rose by 50%.
Ethereum’s large asset holders remain the key to the asset’s potential revival as the broader crypto market tumbles following the FTX debacle. In addition, after the completion of the merge in September, the Ethereum network has been keen on reducing its energy consumption with the PoS transition.
As the closest competitor to Bitcoin, Ethereum’s role in the market’s direction will be subject to further scrutiny in the coming weeks.
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