New Ethereum Testnet “Zhejiang” Will Allow Users to Test Withdrawals on Feb. 1
Zhejiang testnet launching today will enable Ethereum users to have a taste of staking withdrawal on the network.
According to the Ethereum developer, Parithosh Jayanthi, the first public Ethereum staking withdrawal testnet dubbed “Zhejiang” is scheduled for launching today at exactly 15:00 UTC, and it will grant users the ability to test withdrawals of Ether (ETH) staked on the Beacoin chain.
First Ethereum Withdrawal Testnet is Going Live
Ever since the Beacoin chain, the backbone of the current Ethereum 2.0 blockchain, went live in December 2020, users have not been able to withdraw their staked funds, including rewards earned on the network.
The Zhejiang testnet has been designed as a precursor to the much-anticipated Shanghai upgrade, which carries the core withdrawal functionality.
Zhejiang’s launch today will only allow users to test deposits to validators and familiarise themselves with the user interface. The function to test withdrawals will be made available after the Shanghai+Capella testnet launch at epoch 1350, which is expected to be on February 7th.
“The Shanghai+Capella upgrade will be triggered simultaneously on both the EL and the CL 6 days later at epoch 1350. Once the upgrade has been triggered, you can test partial and full withdrawals as well as a few other EIPs that are included in the upgrade,” Jayanthi wrote.
Only the cumulative staking rewards are withdrawn for partial withdrawal, and the validator continues to be a part of the beacon chain and validate as expected. However, with full withdrawal, all balances (32 ETH principle and any rewards) are withdrawn, and the validator ceases to partake in the network.
Millions of ETH Could Hit The Market
With all testnets running smoothly, the Shanghai/Capella hardfork remains on track to happen in March/April, marking actually withdrawal experience for users. This also means 16,313,257 ETH currently staked on the network will become free again, some of which could hit the market.
~ By Ibiam Wayas ~
