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    Ethereum to Launch A Testnet for Staked ETH Withdrawals

    For the Shanghai hard fork in March, Ethereum developers are about to deploy a testnet that simulates ETH withdrawals.

    This new testnet will go live at 10 a.m. ET (15:00 UTC), will provide the ability to test staked ETH withdrawals (EIP-4895). Users won’t immediately have the ability to participate in the simulated withdrawals until the testnet goes through an upgrade on Feb. 7. For now, users will be able to deposit ETH to validators on the testnet, and then withdraw them the following week.

    As a previous commitment, the Ethereum team is putting all their efforts to bring the staked ETH withdrawal feature to the mainnet as soon as possible. This feature was originally scheduled to live about 1 year after The Merge upgrade, around September 2023, but was then kicked in March 2023.

    This past January, Ethereum launched a new testnet to test Shanghai, then successfully conducted a hard fork without any major issues.

    The reason Shanghai is getting so much attention is that it will include the EIP-4895 proposal, allowing those who have participated in staking ETH into the Ethereum 2.0 contract to withdraw funds, as well as staking rewards. Ethereum has opened the ETH 2.0 staking contract since November 2020 to serve The Merge. At the time of this writing, the amount locked in here is more than 16.2 million ETH, worth $25.6 billion.

    ETH price in January 2023 had a significant recovery along with the increase of the crypto market, increasing from $1,196 to $1,679, equivalent to 40%. However, in the past few days, the price of Ethereum has stalled as the market’s attention is on altcoins.

    1D graph of ETH/USDT on Binance at 08:40 AM on 01/02/2023

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