Ethereum continues to upgrade Shanghai: withdrawal of staked ETH tokens is not allowed

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2022-09-22 20:32:46

Micah Zoltu – one of the Ethereum developers confirmed that during the upcoming Shanghai upgrade, users will not be allowed to withdraw their staked ETH tokens.

ETH withdrawal function is locked until Ethereum: Shanghai is done

ETH withdrawal function is locked until Ethereum: Shanghai is done

At the moment, ETH can only be deposited into the staking contract and cannot be withdrawn. Ethereum’s withdrawal function will be re-enabled after the Shanghai upgrade is complete. The previous documentation on this issue is incorrect.

Follow statisticalstarting from when Beacon Chain Proof-of-Stake (PoS) operating in December 2020, total 13.4 million ETH locked on the chain. This is equivalent to 20.9 billion USD.

With confirmation Shanghai will not allow withdrawals, it is unclear when users will be able to withdraw their tokens.

Misunderstanding about Ethereum Shanghai upgrade

After The Merge was successfully implemented, the community is interested in the next major upgrade of Ethereum.

Posting on the official website, Ethereum said that Shanghai was originally scheduled to release in 6 to 12 months. However, according to blockchain analyst Dimitri-H, this estimate appears to have been dropped “quietly” and become “unknown deadline”.

The purpose of the Shanghai upgrade is to reduce gas fees. Based on the development team’s current discussions, there is no exact plan to achieve this goal.

Although a few ideas about Shanghai continue to come up, such as: making interactions in the blockchain efficient, or simultaneously implementing proto-danksharding involving roll-up technology that aggregates multiple transactions and speeds up confirmation times received while reducing the fee. But perhaps ETH investors will have to “wait” with the coins staked on the network.

The date of withdrawal of staked ETH is still a “big question mark”

Shanghai never ends no answer
Shanghai never ends no answer

A Zoltu representative said that there is currently no unified schedule for triggering withdrawals.

“Many people are aiming for Shanghai, but the core developers have yet to discuss what will actually be included…”.

Along with that, the developer confirmed the Ethereum website was incorrect, explaining the confusion as a result of “everything is decentralized.”

Coinbase expert Viktor Bunin also joined the discussion and said that ETH holders have taken “a lot of risk” by staking tokens with no definite date to receive them back. He urged the developers to allow withdrawals in the Shanghai upgrade, or else face the loss of goodwill from the community.

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