Ethereum Staking Withdrawal Testnet Zhejiang Now Goes Live

Key Points:

• The Ethereum staking testnet Zhejiang now goes live, but will not instantly allow users to check out any of the withdrawal features that will be enabled six days later in the Shanghai and Capella testnet updates.
• Six days after the testnet goes live, users will be able to test out the various withdrawal and deposit functions.

The Ethereum staking testnet Zhejiang now goes live, providing users with the first glimpse of what the withdrawal procedure and functionality will be like following the Shanghai update.

The testnet, which already goes on Wednesday, will not instantly allow users to check out any of the withdrawal features that will be enabled six days later in the Shanghai and Capella testnet updates. Users are able to practice depositing to validators and get a sense of how the user interface will function.

Users can request funds in different faucets, generate keys with wagyu, deposit with launchpad, and monitor it with beaconchain. There are different tools and options for all of these.

Ethereum Developer Barnabas Busa previously tweeted that the Ethereum developer operations team that constructed the testnet would make improvements as needed to improve the overall experience.

The Shanghai hard fork is a widely anticipated event for Ethereum since it is the first post-Merge upgrade that will allow ether holders to withdraw their balances. Ether traders are paying close attention to the event because ether staking could skyrocket following the Shanghai upgrade, according to Selini Capital CIO Jordi Alexander on Twitter.

ETH staking is going to explode after the Shanghai fork allows withdrawals- esp. now as Metamask integration makes it easy for Dummies. But LSD tokens are overvalued in anticipation of this- revenue is not going to change much, bc reward yields will plunge as staking % goes up.

The Zhejiang testnet was launched after Ethereum developers deprecated the Shandong testnet. They agreed to shut down Shandong since it had a few EIPs related to the EVM Object Format (EOF), which was removed from the Shanghai update.

Earlier this month, developers agreed that the EOF update will instead be part of a separate Ethereum hard fork scheduled for the third quarter.

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