Locked Ether (ETH) withdrawals are getting closer and closer for Ethereum validators. The Shanghai update ran on the Goerli testnet, but ran into some technical errors. We take stock together.
Shapella deployed on Goerli
This was the last step before rolling out to the Ethereum (ETH) mainnet. This Tuesday, March 14 at 11 p.m., Shanghai and Capella updates – grouped under the name Shapella – were run on the Goerli testnet. These, however, encountered some problems while running them.
Lead Ethereum developer Tim Beiko reports on Twitter that withdrawals (and not repositories, as mistakenly mentioned in the tweet) have been successfully processed. However, the process was not as smooth as he hoped. Especially, some validators have not updated their client softwarepreventing them from synchronizing with the new blockchain and therefore delaying the developer team.
Deposits are being processed (https://t.co/CxYtPcGMCp), but it seems like several validators haven’t upgraded. Looking into it ?
One challenge with testnet validators is that given the ETH is worthless, there’s less incentive to run a validator/monitor it.
— timbeiko.eth (@TimBeiko) March 14, 2023
This problem does not seem to worry the developer of Ethereum too much. In effect, Goerli’s validators don’t really have any motivations to keep their software up to date, since their replicated ETH have no value. Nevertheless, Beiko expects Ethereum mainnet validators to be more conscientious and this problem does not reoccur.
So, Goerli developers encouraged users to update their Ethereum clients to avoid similar issues. Official mainnet rollout dates will be announced this Thursday, March 16 by the development team.
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What to expect next?
The Shapella event was eagerly awaited. Indeed, it will allow validators to withdraw (totally or partially) their ETH locked in the Beacon Chain. Around 17.6 million ETH, or more than $32 billion, will be releasable when running Shapella.
Although it may seem massive, be aware that several mechanisms are in place to prevent too large an influx of ETH from entering the market. Currently, there are around 522,000 validator nodes on Ethereum and the network will be able to process around 2,200 withdrawals per day.
The math is relatively simple: a maximum of 10 validators can be assigned to an epoch and it takes about five or six minutes for an epoch to be processed. In the extreme case where all 2,200 validators withdraw 32 ETH, this would represent 70,000 ETH, a fraction of the 17.6 million.
On the other hand, if all the validators wanted to withdraw their ETH, it would take about 237 days to fully complete.
? Read also – Study: 70% of respondents want to re-stake their ETH after Shanghai
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Lilian Aliaga
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