Ethereum developers are targeting March 2023 for the activation of Shanghai and staked ETH withdrawals. In my latest report, I give a detailed overview of how staked ETH withdrawals will be enabled on Ethereum. Here's the tldr🧵

(Thread inspired today by @kellyjgreer 👑)
@kellyjgreer All validators wanting to withdraw their staking rewards will have to ensure their withdrawal credentials are updated to the new “0x01” format. This is also a requirement for validators who want to exit, stop validating, and withdraw the full balance of their staked ETH.
@kellyjgreer According to @benjaminion_xyz, an Ethereum core developer and product lead for CL client Teku, there is roughly 302,154 validators with 0x00 credentials, and 186,722 with 0x01 credentials on the Beacon Chain.
@kellyjgreer @benjaminion_xyz Once Shanghai is activated, withdrawal credential changes will start to be processed on the network in a similar manner to withdrawals. The network can only process a maximum of 16 partial or full withdrawals every block, which is produced every 12 seconds.
@kellyjgreer @benjaminion_xyz Similarly, the network will only be able to process a maximum of 16 withdrawal credential changes per block. This means it will take about 100 hours for the network to run through and update the withdrawal credentials for the entire validator set of Ethereum.
@kellyjgreer @benjaminion_xyz For validators whose withdrawal credentials are already in the 0x01 format, the network will automatically sweep their CL reward balance to their specified EL address with no additional action required by validator node operators.
@kellyjgreer @benjaminion_xyz Every 12 seconds, the network scans through the active validator set by validator index number. Developers are currently discussing bounding the network scan for withdrawals to a maximum of 1,024 validators at one time. More info about bounded scans here:…
@kellyjgreer @benjaminion_xyz Based on the number of active validators on Ethereum today (that is, 497,138 active validators), the scan for withdrawals should almost always result in the maximum number of 16 withdrawals being processed per block.
@kellyjgreer @benjaminion_xyz All Beacon Chain withdrawals will be processed as system-level operations on Ethereum that are pushed to the Ethereum Virtual Machine (EVM) instead of transactions that are first processed by the EL.
@kellyjgreer @benjaminion_xyz Withdrawals will not be identifiable as a normal user or smart contract-initiated transaction on the blockchain. There will be no gas costs associated with withdrawals.
@kellyjgreer @benjaminion_xyz A full withdrawal of a validator’s staked ETH balance is first subject to the same churn limit as new validator entries, meaning there is a maximum of 7 validator exits that can be processed on the Beacon Chain per epoch or 6.4 minutes.
@kellyjgreer @benjaminion_xyz Once a validator has successfully gone through the exit queue, they are placed in the withdrawals queue. Again, full withdrawals will be processed alongside partial ones.
@kellyjgreer @benjaminion_xyz No action is required by validator node operators to initiate withdrawals other than making sure their withdrawal credentials have been updated to an 0x01 format.
@kellyjgreer @benjaminion_xyz The existence of 1,094 exited validators on Ethereum suggests that there will likely be at minimum 1,094 full withdrawals processed and >35,008 ETH un-staking from the Beacon Chain shortly after the activation of Shanghai.
@kellyjgreer @benjaminion_xyz For more information about staked ETH withdrawals, read my latest report on…

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More from @christine_dkim

Jan 6
We're back baby!

After a two-week hiatus, Ethereum devs reconvened for the first ACD call of 2023. They discussed planning around Shanghai and most notably, they agreed to punt EOF implementation from the upgrade.

Full summary of the call here:…
The main rationale for removing EOF from Shanghai was two-fold. First, it was clear that testing for the code changes would likely delay the upgrade by roughly a month. In addition, developers expressed concern about the permanence of changes to the EVM as result of EOF.
“In the EVM it’s much harder to remove things than it is to remove other features,” said @VitalikButerin, adding, “You have applications that are written in EVM code and if the EVM changes, then those applications can’t change."
Read 11 tweets
Dec 8, 2022
Ethereum devs agreed on the scope of Shanghai today. It’s going to be:
- staked ETH withdrawals
- big EOF implementation
- warm coinbase
- push0
- limit and meter initcode
- time based EL forking
- getpayloadV2 and getpayloadbodiesbyrange
Other than the first bullet, every other code change could be removed from Shanghai if devs think it would significantly delay a March 2023 activation date.
Devs will be back Jan 5 to discuss the readiness of client implementations for Shanghai. Stay tuned for my full write up of today’s call, which will be published tomorrow on 💫
Read 7 tweets
Dec 2, 2022
latest eip 4844 implementors call agenda -…
notes from previous eip 4844 implementor calls -…
Read 4 tweets
Dec 2, 2022
I have for you today not one, but TWO writeups of the latest Ethereum dev calls. As you know, I had skipped writing one for last week and that call ended up being very material to Shanghai planning.

Full summary of ACD Call #150 here:…
Yesterday, on the 2nd anniversary of the Beacon Chain, devs had a call focused on discussing improvements to the consensus layer (CL) specifications of Ethereum.…
On the call, @dannyryan reaffirmed the devs' decision to work on enabling staked ETH withdrawals for Shanghai separately from their work on proto-danksharding (EIP 4844). EIP 4844 will now likely be activated in a separate upgrade after Shanghai.
Read 6 tweets
Dec 1, 2022
This year, several projects including @Scroll_ZKP, @zksync, and @0xPolygon have announced major progress in developing an ambitious and game changing technology for scaling Ethereum known as the zkEVM.…
@Scroll_ZKP @zksync @0xPolygon This report dives into what zkEVMs are, the main projects working on implementing them on Ethereum, and the challenges and outlook associated with their development. A few important takeaways from the report 🧵
@Scroll_ZKP @zksync @0xPolygon zkEVMs are virtual machines that can execute the same high-level programming languages or low-level bytecode as the Ethereum Virtual Machine (EVM) and prove this code using zero-knowledge proofs (ZKPs). There are many frameworks to evaluate zkEVM implementations. Image
Read 14 tweets
Oct 11, 2022
#RollupDay was 🔥. My favorite hot takes from the panels were:
There is not a single rollup in production today that is censorship resistant, meaning the rollup has permissionless leader election and non upgradeable smart contracts. - @tyneslol
@tyneslol When considering how to move towards decentralizing rollups and in specific decentralizing sequencers, an underdiscussed issue is the creation of massive amounts of MEV from multiple fork choice rule reconciliation. - @tarunchitra
Read 7 tweets

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