ETH withdrawals are now live. 

At 6:27 pm EST, Ethereum’s Shanghai upgrade was successfully implemented, enabling the withdrawal of staked ETH and effectively finalizing the network’s years-long transition to proof of stake. 

Last September, Ethereum successfully executed its highly anticipated merge event, forever changing both how ETH is created and how transactions on the Ethereum network are validated. The upgrade saw Ethereum transition to a proof-of-stake consensus mechanism in which users stake ETH with the network to validate on-chain transactions, and are rewarded for that participation with newly generated ETH. Since ETH staking debuted in 2020, participants have deposited over $34.56 billion worth of ETH with the network. 

Those funds, however—and the rewards generated by them—were not accessible to users, even after the merge. Only now, with Shanghai’s implementation, are those funds available for withdrawal. And only now can Ethereum’s transformation to a proof-of-stake network be considered complete. 

The road to Shanghai has been a long one, marked by repeated concessions made by Ethereum’s core developers to hasten the upgrade’s release. Shanghai was originally meant to include numerous other improvements to the Ethereum network, including proto-danksharding—a streamlined data-sampling process that would make layer-2 transactions on

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Author: Sander Lutz

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