Consensys ETH Pledge Withdrawal Guide: Shanghai/Capella Upgrade

03/08/2023 00:23 • Crypto & Markets • 99 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 leading blockchain company, recently released its ETH Pledge Withdrawal Guide. According to the guide, the Shanghai/Capella upgrade enables the pledgor to withdraw their pledged ETH easily, and it provides several functions related to withdrawal. The main purpose of the upgrade is to improve the efficiency and security of the withdrawal process.

One of the key functions of the upgrade is the ability to update the withdrawal voucher of the Ethereum verifier from the old 0x00 type to the newer 0x01 type. This change is significant because the newer authentication method is more secure compared to the older one. The newer 0x01 type withdrawal vouchers can be used to make partial or full withdrawals, while verifiers with the older 0x00 type vouchers will continue to receive rewards as before.

Another function of the upgrade is the consensus level award obtained by partial withdrawal or automatic “withdrawal” from the balance of the active verifier on a regular basis. This feature improves the incentives for verifiers to participate in the network, and it ensures that the network remains secure and stable.

Finally, the upgrade allows verifiers to withdraw in full or recover the full balance of the “withdrawal” verifier. This feature is useful for verifiers who want to exit the network or who need to withdraw their funds for other reasons.

It is important to note that once verifiers update their withdrawal voucher from 0x00 to 0x01, they cannot change it back. This one-time, one-way change is permanent. However, there is no urgent need for verifiers to update their withdrawal vouchers because the older authentication method still works, and verifiers will continue to receive rewards.

In conclusion, the Consensys ETH Pledge Withdrawal Guide highlights the importance of the Shanghai/Capella upgrade, which improves the efficiency and security of the withdrawal process for ETH pledgers. The guide outlines several key functions related to withdrawal, including the ability to update withdrawal vouchers, receive consensus level awards, and withdraw in full or recover the balance of the verifier. Verifiers should carefully consider the benefits of upgrading their withdrawal vouchers before making any changes.

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