Ethereum (ETH) Core developers are now targeting a March deadline for the much-anticipated Shanghai network upgrade, which will allow ETH to be withdrawn.
Speaking on a recent developer call, Ethereum lead developer Tim Beiko said that enabling staking withdrawals is “obviously a top priority for everyone.”
During the call, Ethereum core developers agreed to a tentative March deadline for rolling out the Shanghai upgrade, which is needed to enable withdrawals.
Beiko followed up on a tweet he posted on Thursday, where he said that while the Shanghai upgrade now has a higher priority, some details — including the many EIPs (Ethereum Improvement Proposals) — that were meant to be part of it, he Might have to wait. In case they are not prepared.
“If by January, we do not meet the EOF milestones mentioned above, we will move it to Shanghai, so that the evacuation is as soon as possible,” Biko tweeted.
EOF stands for Ethereum Object Format, which is the way the Ethereum Virtual Machine (EVM) operates.
Important for the future of Ethereum and ETH price
Over 15.5m ETH tokens will be issued on the new Proof-of-Stake (POS) network, makes up about 13% of all circulating ETH.
ETH stakers can currently receive annualized yields of up to 4.5%, but they are unable to unstake and withdraw their tokens until the Shanghai upgrade is complete.
The move to enable withdrawals for staked ETH is a significant milestone in the development and evolution of Ethereum Transitioning to Proof-of-Stake consensus mechanism, The move is believed to attract more stakeholders to the Ethereum network, which could ultimately benefit the price of ETH.
It is worth noting that Ethereum developers have failed to meet deadlines on major network upgrades on several occasions in the past. For now, therefore, markets are likely to take the tentative March deadline for the Shanghai upgrade with a grain of salt.
Watch Varun Kumar, CEO of decentralized exchange Hashflow, talk with Cryptonews’ Matt Zahab about the future of Ethereum and the Shanghai upgrade:
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