The Zhejiang public testnet will go live on February 1 at 15:00 UTC, according to an Ethereum developer who published the update on January 31.
The test network will give users a first taste of the retirement process and network functionality after the Shanghai update, which is scheduled for March.
However, users will not be able to test the withdrawals until the Shanghai and Capella testnets are updated six days later.
This initial phase is to test deposits to validators and get familiar with the user interface, then test withdrawals will be enabled on February 7, the developer said.
The Zhejiang public testnet will be launched tomorrow (February 1, 2023 15:00 UTC). Shanghai+Capella will be activated 6 days later (in epoch 1350). You will be able to deposit validators, practice BLS exchange and leave without risk. All the links are here: https://t.co/XNlsDIG0cm pic.twitter.com/sKKDJmolt2
— Barnabas Busa (@BarnabasBusa) January 31, 2023
“The testnet is meant to mimic a chain that is post-merger. Therefore, the genesis state will be in a merged state,” stated the documentation.
Latest Ethereum Staking
The Ethereum Shanghai update is one of the most anticipated events on the crypto calendar this year. It will allow for the gradual release of ETH that has been staked on the Beacon Chain for up to 26 months.
Many industry watchers have predicted that this will be a boon for Ethereum staking as it is no longer locked up. Liquid staking platforms like Lido are likely to benefit as they offer more yield opportunities than direct staking.
When Shanghai rolls out, staked ETH will be released in tranches, not all at once. Also, the Ethereum withdrawal period is dynamic and depends on how many validators are exiting at the time. Validators must go through a two-stage process to withdraw, and this includes an exit queue and a withdrawal period.
The output queue is subject to a mechanism that guarantees the stability and security of the network called the dropout limit. If a large number of validators wish to exit simultaneously, the withdrawal period could be a couple of months.
In March this will change and it will have a big impact on Ethereum.
The Shanghai/Capella fork is likely to go live next month, and one of the things it does is allow withdrawals from the Beacon Chain. That staked ETH that has been collecting interest will finally be available.
— Jack Niewold 🫡 (@JackNiewold) January 26, 2023
There are currently 16.3 million ETH locked up on the Beacon Chain. At current prices, it is valued at around $25.9 billion, which represents 13.5% of all circulating supply.
ETH Price Outlook
Ethereum prices have been relatively stable for the past 24 hours. ETH topped $1,600 a few hours ago during Asian trading but was unable to hold above that level.
ETH was trading at $1,587 at the time of writing, roughly the same price as two weeks ago as the consolidation continues.
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