Connect with us


ConsenSys to launch an NFT when staked ETH withdrawal goes live



ConsenSys has announced the launch of an NFT when the Ethereum Shanghai/Capella upgrade goes live. The commemorative NFT will celebrate the upgrade and mark ConsenSys’s second commemorative NFT collection. The upgrade is expected to go live in late March/mid-April and invites the crypto community to participate by claiming an NFT.  

The Ethereum network in September 2022 had one of the most anticipated major upgrades, the Merge. The merge had technical advancements on the Ethereum network like unifying the Ethereum’s consensus and execution layers. Following the Merge, Ethereum launched an upgrading process that would enable staked ETH withdrawal. Having had two successful public testnet upgrades, Ethereum is pedaling the next upgrade on its roadmap, the Shanghai/Capella upgrade. 

It is the first simultaneous upgrade, hence it is doubly named. The upgrade would capture Ethereum’s execution layer and consensus layer simultaneously, afterward, ETH staked withdrawal will be enabled; this is a highly anticipated launch. Overall, Shanghai is the name of the fork on the execution client side, and Capella is the upgrade name on the consensus layer client side.

Particularly, ETH staked on the consensus layer will be enabled for withdrawal to an Ethereum execution address via the upgrade. This feature is the first time since ETH staking became possible in December 2020.

ConsenSys has opened a waitlist form for the commemorative NFT expected to be released as the Ethereum upgrade is enabled. Crypto players who wish to participate in the NFT waitlist are to fill out the form on the ConsenSys website.

The implications of the Upgrade on withdrawal

  • Validators will be able to switch from the old 0x00-type (to the more recent 0x01-type as a result of the change. Partial and complete withdrawals will only be permitted for validators of the newer type. 0x00 or 0x01 are withdrawal credential prefixes.
  • For partial withdrawal, Validators who have more than 32 ETH can automatically and periodically skim their earned rewards.
  • For complete withdrawal, once a validator has exited the validator pool, they can reclaim their whole balance.

The Capella upgrade enables stakers to update their credentials to the 0x01 type for validators having the 0x00 type. This can only be done at a pace of 16 per block, and once the update has been made, it cannot be undone.

Therefore, there is no immediate need to update withdrawal credentials because validators holding 0x00 credentials will still be rewarded as they have since the genesis of the Beaconchain. 

Read also; 

Five crypto scams to watch out for

What do you think of this article? Share comments below.

Click to comment

What's Your Opinion? Please Leave a Comment

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street



ALL Sections

Recent Posts