Cardano founder Charles Hoskinson calls Ethereum staking problematic
Hoskinson fears the US SEC might lump all staking protocols together "due to a fundamental misunderstanding about the actual facts of operation and design."
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The testnet is a precursor to real staking withdrawals, which are expected in March.
Ethereum's Shanghai upgrade in March will enable withdrawals from the beacon chain by granting ETH validators the ability to unstake.
Staked ETH has risen 18% to over 16 million ETH but over 70% of stakers have made losses, according to Dune analytics.
Following David Schwartz tweet, the FLR token dumped by roughly 10% to $0.04367 as of press time.
The exchange unstaked over $100 million worth of SHIB and re-staked $30 million worth of tokens.
Ethereum developers decided to drop the pre-planned EOF implementation from the Shanghai upgrade to prevent any delay in ETH unstaking.