Zhejiang Launches Ethereum Staking Withdrawal Testnet for Shanghai

The Zhejiang public testnet is set to launch on February 1st at 15.00 UTC, offering users a chance to experience the withdrawal process and network functionality after the upcoming Ethereum Shanghai upgrade.

The testnet will be used to deposit funds to validators and familiarize users with the interface, with trial withdrawals set to begin on February 7th.

The Zhejiang public testnet is going live tomorrow (1st of Feb 15:00 UTC, 2023). Shanghai+Capella will be triggered 6 days later (at epoch 1350). You will be able to deposit validators, practice BLS change and exit without risk. All links are here: https://t.co/XNlsDIG0cm pic.twitter.com/sKKDJmolt2
— Barnabas Busa (@BarnabasBusa) January 31, 2023

The Shanghai upgrade is a highly anticipated event on the cryptocurrency calendar and is expected to boost Ethereum staking, as the phased release of ETH staked on the Beacon Chain for up to 26 months will no longer be locked up.

Currently, 16.3 million ETH is locked up on the Beacon Chain, valued at around $25.9 billion, or 13.5% of the total circulating supply. Ethereum prices have remained stable over the past 24 hours, trading at around $1,587.