- The final test run before Ethereum users can withdraw staked ETH has been successfully completed.
- A rough date for the upgrade has been set for around April 12, although it could face delays.
- Experts believe the upgrade will result in a huge surge of interest in Ethereum staking.
The withdrawal of staked ETH has been something on the mind of the Ethereum community for several years now, as it will mark the true completion of the network’s transition to proof-of-stake. With billions of dollars worth of tokens locked on the blockchain, the upgrade is likely to cause significant volume in the world’s second-largest cryptocurrency. And while no official date has been set yet, the Shanghai (or ‘Shapella’) upgrade could be right around the corner with its final test stage looking promising.
The final preparation
Last week, the ‘Goerli’ testnet of Ethereum underwent a simulation testing the capacity of the network to handle mass-unstacking of ETH. It was the final testnet to undergo such a test after two others, and its success was the most important as it most closely mimics the parameters of Ethereum’s main net. After already having been delayed from March, it’s believed that the update will take place on or around April 12, although it could be subject to further delays.
What happens now?
Even without the ability to withdraw staked assets, Etheruem is already the largest proof-of-stake blockchain in the world, with a market cap of $216bn. Experts now think that when the ability to withdraw is added, it will cause a large surge of interest in Ethereum staking as participation in it has already been so widespread without it. As it stands, 15% of Ethereum’s total token supply (or roughly $31bn) is locked in staking pools, and analysts believe that as much as half of Ethereum’s supply could be staked after the ‘Shapella’ upgrade.