Merge pull request #9955 from ethereum/post-shapella

Post-Shanghai/Capella clean up

Author: corwintines

src/components/Banners/BugBountyBanner.tsx

@@ -43,7 +43,7 @@ Validators with `0x00` BLS keys must update these credentials to point to an exe
 
 ### The withdrawal key {#withdrawal-key}
 
-The withdrawal key will be required to update withdrawal credentials to point to an execution address, if not set during initial deposit. This will enable excess balance payments to begin being processed (beginning with the Shanghai/Capella upgrade), and will also allow users to fully withdraw their staked ETH.
+The withdrawal key will be required to update withdrawal credentials to point to an execution address, if not set during initial deposit. This will enable excess balance payments to begin being processed, and will also allow users to fully withdraw their staked ETH.
 
 Just like the validator keys, the withdrawal keys also consist of two components:
 

src/components/Staking/ShanghaiCapella.tsx

@@ -26,13 +26,13 @@ Looking for future protocol upgrades? [Learn about upcoming upgrades on the Ethe
 
 ## 2023 {#2023}
 
-### Shanghai (_planned_) {#shanghai}
+### Shanghai {#shanghai}
 
 <NetworkUpgradeSummary name="shanghai" />
 
 #### Summary {#shanghai-summary}
 
-The Shanghai upgrade brings staking withdrawals to the execution layer. In tandem with the Capella upgrade, this enables blocks to accept withdrawal operations, which allow stakers to withdraw their ETH from the Beacon Chain to the execution layer.
+The Shanghai upgrade brought staking withdrawals to the execution layer. In tandem with the Capella upgrade, this enabled blocks to accept withdrawal operations, which allows stakers to withdraw their ETH from the Beacon Chain to the execution layer.
 
 <ExpandableCard title="Shanghai EIPs" contentPreview="Official improvements included in this upgrade.">
 
@@ -48,17 +48,17 @@ The Shanghai upgrade brings staking withdrawals to the execution layer. In tande
 
 ---
 
-### Capella (_planned_) {#capella}
+### Capella {#capella}
 
 <NetworkUpgradeSummary name="capella" />
 
 #### Summary {#capella-summary}
 
-The Capella upgrade is the third major upgrade to the consensus layer (Beacon Chain), which enables staking withdrawals. Capella is to occur simultaneous to the Shanghai upgrade occurring on the execution layer to enable withdrawal functionality in sync with one another.
+The Capella upgrade was the third major upgrade to the consensus layer (Beacon Chain) and enabled staking withdrawals. Capella occurred synchronously with the execution layer upgrade, Shanghai, and enabled staking withdrawal functionality.
 
-This consensus layer upgrade brings the ability for stakers who did not provide withdrawal credentials with their initial deposit to do so, thereby enabling withdrawals.
+This consensus layer upgrade brought the ability for stakers who did not provide withdrawal credentials with their initial deposit to do so, thereby enabling withdrawals.
 
-The upgrade also provides automatic account sweeping functionality, which continuously processes validator accounts for any available rewards payments or full withdrawals.
+The upgrade also provided automatic account sweeping functionality, which continuously processes validator accounts for any available rewards payments or full withdrawals.
 
 - [More on staking withdrawals](/staking/withdrawals/).
 - [Read the Capella upgrade specifications](https://github.com/ethereum/consensus-specs/blob/dev/specs/capella/)

src/content/developers/docs/consensus-mechanisms/pos/keys/index.md

@@ -108,7 +108,7 @@ Sharding is splitting up the Ethereum blockchain so that subsets of validators a
 ## Looking for specific technical upgrades? {#looking-for-specific-technical-upgrades}
 
 - [Danksharding](/roadmap/danksharding) - Danksharding makes layer 2 rollups much cheaper for users by adding “blobs” of data to Ethereum blocks.
-- [Staking withdrawals](/staking/withdrawals) -The “Shapella” upgrade enables staking withdrawals on Ethereum, allowing people to unlock their staked ETH.
+- [Staking withdrawals](/staking/withdrawals) - The Shanghai/Capella upgrade enabled staking withdrawals on Ethereum, allowing people to unlock their staked ETH.
 - [Single slot finality](/roadmap/single-slot-finality) - Instead of waiting for fifteen minutes, blocks could get proposed and finalized in the same slot. This is more convenient for apps and much more difficult to attack.
 - [Proposer-builder separation](/roadmap/pbs) - Splitting the block building and block proposal tasks across separate validators creates a fairer, more censorship resistant and efficient way for Ethereum to come to consensus.
 - [Secret leader election](/roadmap/secret-leader-election) - Clever cryptography can be used to ensure that the identity of the current block proposer is not made public, protecting them from certain types of attack.

src/content/history/index.md

@@ -150,28 +150,24 @@ Proof-of-stake introduced the transaction finality concept that did not previous
 
 <ExpandableCard
 title="Misconception: &quot;The Merge enabled staking withdrawals.&quot;"
-contentPreview="False. Staking withdrawals are not yet enabled with The Merge. The following Shanghai upgrade will enable staking withdrawals.">
-Staked ETH and staking rewards continue to be locked without the ability to withdraw. Withdrawals are planned for the upcoming Shanghai upgrade.
-</ExpandableCard>
-
-<ExpandableCard
-title="Misconception: &quot;Validators will not receive any liquid ETH rewards til the Shanghai upgrade when withdrawals are enabled.&quot;"
-contentPreview="False. Fee tips/MEV are credited to a non-staking account controlled by the validator, available immediately.">
-This may seem counterintuitive to the above note that withdrawals are not enabled til the Shanghai upgrade, but validators DO have immediate access to the fee rewards/MEV earned during block proposals.
+contentPreview="False, but staking withdrawals have since been enabled via the Shanghai/Capella upgrade.">
+Initially after The Merge, stakers could only access fee tips and MEV that were earned as a result of block proposals. These rewards are credited to a non-staking account controlled by the validator (known as the <em>fee recipient</em>), and are available immediately. These rewards are separate from protocol rewards for performing validator duties.
 
-The protocol issues ETH as a reward to validators for contributing to consensus. The consensus layer accounts for the newly issued ETH, where a validator has a unique address that holds its staked ETH and protocol rewards. This ETH is locked until Shanghai.
+Since the Shanghai/Capella network upgrade, stakers can now designate a _withdrawal address_ to start receiving automatic payouts of any excess staking balance (ETH over 32 from protocol rewards). This upgrade also enabled the ability for a validator to unlock and reclaim its entire balance upon exiting from the network.
 
-ETH on the execution layer is accounted for separately from the consensus layer. When users execute transactions on Ethereum Mainnet, ETH must be paid to cover the gas, including a tip to the validator. This ETH is already on the execution layer, is NOT being newly issued by the protocol, and is available to the validator immediately (given a proper `fee recipient` address is provided to the client software).
+[More on staking withdrawals](/staking/withdrawals/)
 </ExpandableCard>
 
 <ExpandableCard
-title="Misconception: &quot;When withdrawals are enabled, stakers will all exit at once.&quot;"
+title="Misconception: &quot;Now that The Merge is complete, and withdrawals are enabled, stakers could all exit at once.&quot;"
 contentPreview="False. Validator exits are rate limited for security reasons.">
-After the Shanghai upgrade enables withdrawals, all validators will be incentivized to withdraw their staking balance above 32 ETH, as these funds do not add to yield and are otherwise locked. Depending on the APR (determined by total ETH staked), they may be incentivized to exit their validator(s) to reclaim their entire balance or potentially stake even more using their rewards to earn more yield.
+Since the Shanghai/Capella upgrade enabled withdrawals, validators are incentivized to withdraw their staking balance above 32 ETH, as these funds do not add to yield and are otherwise locked. Depending on the APR (determined by total ETH staked), they may be incentivized to exit their validator(s) to reclaim their entire balance or potentially stake even more using their rewards to earn more yield.
+
+An important caveat here, full validator exits are rate limited by the protocol, and only so many validators may exit per epoch (every 6.4 minutes). This limit fluctuates depending on the number of active validators, but comes out to approximately 0.33% of total ETH staked can be exited from the network in a single day.
 
-An important caveat here, full validator exits are rate limited by the protocol, so only six validators may exit per epoch (every 6.4 minutes, so 1350 per day, or only ~43,200 ETH per day out of over 10 million ETH staked). This rate limit adjusts depending on the total ETH staked and prevents a mass exodus of funds. Furthermore, it prevents a potential attacker from using their stake to commit a slashable offense and exiting their entire staking balance in the same epoch before the protocol can enforce the slashing penalty.
+This prevents a mass exodus of staked funds. Furthermore, it prevents a potential attacker with access to a large portion of the total ETH staked from committing a slashable offense and exiting/withdrawing all of the offending validator balances in the same epoch before the protocol can enforce the slashing penalty.
 
-The APR is intentionally dynamic, allowing a market of stakers to balance how much they're willing to be paid to help secure the network. When withdrawals are enabled, if the rate is too low, then validators will exit at a rate limited by the protocol. Gradually this will raise the APR for everyone who remains, attracting new or returning stakers yet again.
+The APR is also intentionally dynamic, allowing a market of stakers to balance how much they're willing to be paid to help secure the network. If the rate is too low, then validators will exit at a rate limited by the protocol. Gradually this will raise the APR for everyone who remains, attracting new or returning stakers yet again.
 </ExpandableCard>
 
 ## What happened to 'Eth2'? {#eth2}
@@ -204,9 +200,9 @@ Blocks are instead proposed by validating nodes that have staked ETH in return f
 
 ### The Merge and the Shanghai upgrade {#merge-and-shanghai}
 
-In order to simplify and maximize focus on a successful transition to proof-of-stake, The Merge upgrade did not include certain anticipated features such as the ability to withdraw staked ETH. The Shanghai upgrade is planned to follow The Merge, which will enable the ability for stakers to withdraw.
+In order to simplify and maximize focus on a successful transition to proof-of-stake, The Merge upgrade did not include certain anticipated features such as the ability to withdraw staked ETH. This functionality was enabled separately with the Shanghai/Capella upgrade.
 
-Stay up-to-date with the [Shanghai upgrade planning issue on GitHub](https://github.com/ethereum/pm/issues/450), or the [EF Research and Development Blog](https://blog.ethereum.org/category/research-and-development/). For those curious, learn more about [What Happens After The Merge](https://youtu.be/7ggwLccuN5s?t=101), presented by Vitalik at the April 2021 ETHGlobal event.
+For those curious, learn more about [What Happens After The Merge](https://youtu.be/7ggwLccuN5s?t=101), presented by Vitalik at the April 2021 ETHGlobal event.
 
 ### The Merge and sharding {#merge-and-data-sharding}
 

src/content/roadmap/index.md

@@ -68,11 +68,15 @@ Execution layer issuance since The Merge is zero. Proof-of-work is no longer a v
 
 ### Consensus layer issuance {#cl-issuance-post-merge}
 
-Consensus layer issuance continues today as before The Merge, with small rewards for validators who attest to and propose blocks. Validator rewards continue to accrue to _validator balances_ that are managed within the consensus layer. Unlike the current accounts, which can transact on Mainnet, these are separate Ethereum accounts where validator funds will not be withdrawable/transferrable until the upcoming Shanghai upgrade. This means that although new ETH is still being issued, 100% of consensus layer funds remain locked and unavailable to the market until this upgrade occurs.
+Consensus layer issuance continues today as before The Merge, with small rewards for validators who attest to and propose blocks. Validator rewards continue to accrue to _validator balances_ that are managed within the consensus layer. Unlike the current accounts ("execution" accounts), which can transact on Mainnet, these are separate Ethereum accounts cannot transact freely with other Ethereum accounts. Funds in these accounts can only be withdrawn to a single specified execution address.
 
-When validator withdrawals are enabled, stakers will be incentivized to remove their _earnings/rewards (balance over 32 ETH)_ as these funds are otherwise not contributing to their stake weight (which maxes at 32).
+Since the Shanghai/Capella upgrade that took place in April 2023, these withdraws have been enabled for stakers. Stakers are incentivized to remove their _earnings/rewards (balance over 32 ETH)_ as these funds are otherwise not contributing to their stake weight (which maxes at 32).
 
-After withdraw functionality is enabled, stakers may also choose to exit and withdraw their entire validator balance. To ensure Ethereum is stable, the number of validators leaving simultaneously is capped. Only six validators may exit in a given epoch (6.4 minute period) depending on the total ETH staked at the time. As more validators withdraw, the maximum number of exiting validators will gradually be reduced to four to intentionally prevent large destabilizing amounts of staked ETH from being withdrawn concurrently.
+Stakers may also choose to exit and withdraw their entire validator balance. To ensure Ethereum is stable, the number of validators leaving simultaneously is capped.
+
+Approximately 0.33% of the total validator count may exit in a given day. By default, four (4) validators may exit per epoch (every 6.4 minutes, or 900 per day). An additional one (1) validator is permitted to exit for every 65,536 (2<sup>16</sup>) additional validators over 262,144 (2<sup>18</sup>). For example, with over 327,680 validators, five (5) may leave per epoch (1,125 per day). Six (6) will be permitted with a total active validator count over 393,216, and so forth.
+
+As more validators withdraw, the maximum number of exiting validators will gradually be reduced to a minimum of four to intentionally prevent large destabilizing amounts of staked ETH from being withdrawn concurrently.
 
 ### Post-merge inflation breakdown {#post-merge-inflation-breakdown}
 

src/content/roadmap/merge/index.md

@@ -43,4 +43,4 @@ It is possible that a sophisticated attacker could identify upcoming validators
 
 ## Current progress {#current-progress}
 
-Staking withdrawals are the next major upgrade coming to Ethereum. They are planned for inclusion with the Shanghai/Capella upgrade scheduled for April 12, 2023. They have already been rolled out on public testnets and the next step in launching on Ethereum Mainnet. The other security upgrades on the roadmap are in advanced stages of research, but they are not expected to be implemented for some time. The next steps for view-merge, PBS, SSF and SLE is to finalize a specification and start building prototypes.
+Security upgrades on the roadmap are in advanced stages of research, but they are not expected to be implemented for some time. The next steps for view-merge, PBS, SSF and SLE is to finalize a specification and start building prototypes.

src/content/roadmap/merge/issuance/index.md

@@ -64,11 +64,7 @@ Typically ERC-20 liquidity tokens are issued to stakers that represents the valu
 </ExpandableCard>
 
 <ExpandableCard title="When can I withdraw my stake?">
-Currently, withdrawing funds from an Ethereum validator is not possible, which limits the ability to actually <i>redeem</i> your liquidity token for the ETH rewards locked in the consensus layer.
-
-The Shanghai network upgrade will introduce withdrawal functionality which is scheduled for April 12, 2023. All staked ETH will remain locked until then.
-
-After this upgrade, the validator accounts that back staking pools will have the ability to exit and withdraw ETH to their designated withdrawal address. This will enable the ability to redeem your portion of stake for the underlying ETH. Check with your provider to see how they support this functionality.
+Right now! The Shanghai/Capella network upgrade occurred in April 2023, and introduced staking withdrawals. Validator accounts that back staking pools now have the ability to exit and withdraw ETH to their designated withdrawal address. This enables the ability to redeem your portion of stake for the underlying ETH. Check with your provider to see how they support this functionality.
 
 Alternatively, pools that utilize an ERC-20 liquidity token allow users to trade this token in the open market, allowing you to sell your staking position, effectively "withdrawing" without actually removing ETH from the staking contract.