ETH Pledge Withdrawal Guide: Key Functions of the Shanghai/Capella Upgrade

03/08/2023 00:23 • Metaverse Matters • 137 views

On March 8, Consensys released the ETH Pledge Withdrawal Guide, which mentioned that the main achievement of Shanghai/Capella upgrade is to allow the pledgor to withdraw their pledged ETH, but more specifically, it will provide three key functions related to withdrawal: 1. It can update the withdrawal voucher of the Ethereum verifier from the old 0x00 type (from the BLS key) to the newer 0x01 type (from the Ethereum address). 2. The consensus level award obtained by partial withdrawal or automatic “withdrawal” from the balance of the active verifier (more than 32 ETH) on a regular basis. 3. Withdraw in full or recover the full balance of the “withdrawal” verifier. Only verifiers with newer 0x01 type withdrawal vouchers are eligible to make partial and full withdrawals. However, there is no need to do so at present, because the verifiers with 0x00 authentication will continue to receive rewards as they have since the birth of the beacon chain. Please note that once the verifier updates its withdrawal voucher from 0x00 type to 0x01 type, it cannot be changed. This is a one-time one-way change of withdrawal voucher from 0x00 to 0x01.

Consensys released the ETH Pledge Withdrawal Guide and recommended partial withdrawal. At that time, the commemorative NFT will be launched

Analysis based on this information:

Consensys, a blockchain technology company, released the ETH Pledge Withdrawal Guide on March 8, which provided insights into the Shanghai/Capella Upgrade on Ethereum. According to the guide, the upgrade’s main achievement is enabling the pledgor to withdraw their pledged ETH, but it further provides three additional key functions related to withdrawal.

The first function is the ability to update the withdrawal voucher of the Ethereum verifier from the old 0x00 type (from the BLS key) to the newer 0x01 type (from the Ethereum address). This upgrade is significant because only verifiers with the newer 0x01 type withdrawal vouchers are eligible to make partial and full withdrawals. The second function provides a consensus level award obtained by partial withdrawal or automatic “withdrawal” from the balance of the active verifier (more than 32 ETH) on a regular basis. This award incentivizes the verifiers to actively participate in the network more frequently.

The third function enables the verifiers to withdraw in full or recover the full balance of the “withdrawal” verifier. However, it is important to note that verifiers with 0x00 authentication can also receive rewards as they have since the inception of the beacon chain. Therefore, there is no need for them to update their withdrawal vouchers at present.

It is worth mentioning that once the verifier updates its withdrawal voucher from 0x00 type to 0x01 type, it cannot be changed. This is a one-time one-way change of withdrawal voucher from 0x00 to 0x01. It means verifiers need to make a well-informed decision before upgrading their vouchers.

In summary, the Shanghai/Capella Upgrade on Ethereum has unlocked the ability for pledgors to withdraw their pledged ETH. And, more significantly, it has provided three key functions related to withdrawal that incentivize verifiers to actively participate in the network, including the ability to update the withdrawal voucher, earn consensus level awards, and withdraw in full.

Overall, the ETH Pledge Withdrawal Guide offers useful insights for those who wish to understand the upgrades on Ethereum and its impact on the network’s key functionalities.

Keyword: Ethereum, upgrade, pledgor, withdrawal, voucher

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