Withdrawals #1: Who needs to pay attention?

Transcript

um Tim I have a question for you who in your mind should not worry about this hard fork and should not concern themselves with withdrawals at all um so I guess if you're just using the ethereum chain this won't affect you right like so and by using I mean you know sending transactions receiving transactions um as with every hard fork or as much as we try to uh it should be like it should not affect any of the deployed contracts or break any of the user experience there um so I think that's probably the only group that doesn't have to worry everyone else I think if you run a node if you're a Staker

um you should pay attention there's a couple of small changes on the El side that are like interesting for smart contract dance as well um if you're an infrastructure provider if you're a crypto exchange um then yeah it you should be paying attention what if what if I'm a solo Staker who like I'm not in a hurry to get my funds out like I don't I'm not yeah so so you don't have to withdraw this is and we can get into this in more detail after but um depending on how you've set up your validators you know you're either going to be withdrawn automatically or you're gonna have to sign a message to process withdrawals um but assuming that you're not

withdrawn automatically there's no forcing function for you to withdraw you can just you know keep your keep your stake uh as is um but that said you still need to upgrade your node because everybody else is and the consensus rules changes that if you if you don't do that you'll be sort of stuck on your little island separated from the rest of the ethereum network Tim what if I am a um I'm not an auto operator but I am a Staker and I have I deposited my eth into some sort of uh pool staking um protocol yeah so then you as a user won't have to do anything uh before the fork you should make sure that whether you've deposited your eth in an Unchained pool or on an exchange or something you

should make sure they're paying attention and ask them what their plans are um and what I expected the average uh you know experience will be is like your service provider uh in the next you know weeks to months uh we'll we'll put out something that explains how they handle withdrawals you know what what their processes um and you know if if it's if if it's something where like you can have a voice as a user you know if you're using rocketball if you're using Lido or something like that then you know they have forums or to discuss this it might make sense for you to review that um but then you know the withdrawals should then give you a way to to get your your funds back uh or unlocked um uh after it happens

um so say you know you've deposit on a kraken or coinbase uh you know the after withdrawals it'll be possible to convert back that eth uh that was deposited uh on the beacon chain the Ethan execution layer um yeah so I expect different service providers will have different announcements in the next few weeks um but if your user of one of those you know you should be asking them what their plan is um and if they have a way to provide input for that then it's uh yeah it's a good time to do so sweet so just as a wrap up anyone who's not staking if you're just using ethereum you don't have to do anything you don't have to worry about this hard work if you're using something like coinbase or Kraken you can withdraw you might be able to

withdraw after the fork so you could ask them what their what their plan is and anybody who's doing it using an LSD be in contact with your protocol um and anyone who is a node operator should be paying attention and should definitely watch our next call on specifics about what donor operators have to do yeah and one more thing I'll add as well um when you mention LSD so lsds have mostly dealt with transaction fees since the Verge right like so say you use a rocket pool or lighter or swazi or another one of those um I believe they all pretty much just you know take the transaction fees that they produce in blocks and like you know re-uh restake them and and help like compound your your staking rewards that way

um it's not as clear to me that like most of the centralized thinking providers have like done much with transaction fees um since the merge um so if if you are a user of one of those you know this is a good time to ask them um just as a heads up you know you should have been accruing transaction fees since the merge um and and you know potentially those are still locked or or your staking provider hasn't like gotten around the the the unlocking those and and making them redeemable um but uh those should already be freely available and and which withdrawals it's a if you if you haven't seen those it's a good time to ask the question again