Ethereum to Relaunch Shandong Testnet
In December 2020, staking was introduced on Ethereum after the Beacon Chain went live. Despite the Beacon Chain having merged with the former proof-of-work mainnet back in September, users have been unable to withdraw their staked ETH.
Withdrawals for Staked Ethereum will be Tested in Shandong
According to the announcement, at the relaunch of the testnet, withdrawals for staked ETH will be enabled. The devnet testing Beacon Chain withdrawals currently supports the Geth, Nethermind, Lodestar, Teku, Lighthouse, and Prysm clients.
The Shangdong Testnet will also introduce several critical upgrades and make changes to the EVM functionalities. The news was positively received by the Ethereum community, especially stakers, with the price of ETH jumping by 10% before cooling off at $1,200.
The two day price chart for Ethereum (ETH). Source: CoinMarketCap
- There are rumours on Twitter claiming that the Ethereum Foundation could push back its timeline for staked ether (ETH) to be withdrawn from the Beacon Chain.
The move marks the beginning of the next significant phase for the Ethereum network after the Merge which was completed earlier this year.
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Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).