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Web3 Researcher Explains ETH Shanghai Upgrade Withdrawal Process

Published 01/13/2023, 07:28 AM
Updated 01/13/2023, 07:30 AM
Web3 Researcher Explains ETH Shanghai Upgrade Withdrawal Process
ETH/USD
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  • ETH un-staking is dynamic depending on the number of exiting validators.

  • Exiting validators will undergo two stages and wait either 27 hours or 36 days.

  • The Beacon Chain staking contract now holds over 16 million ETH tokens.

Early today, a Web3 researcher with the username WestieCapital on Twitter shared a stepwise walkthrough concerning the upcoming Shanghai upgrade on the Ethereum blockchain. The update, which will come up in March this year, will enable the withdrawals of staked funds for the first time.

WestieCapital noted that Ethereum’s withdrawal duration is dynamic depending on the number of validators leaving the network at any moment, in contrast to other proof-of-stake (PoS) networks like Cosmos, where the period is fixed at 21 days.

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