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EIP-7002
EIP-7002 enables direct withdrawals and exits using 0x01 credentials, eliminating reliance on active validator keys for fund access.EIP-7002 lets validators trigger withdrawals and exits via 0x01 credentials, giving withdrawal key holders full control over staked ETH.

EIP-7002

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What is this EIP about?

EIP-7002 introduces a mechanism for validators to trigger withdrawals and exits using their execution layer (0x01) withdrawal credentials directly.

It aims to resolve limitations where only the active validator key could initiate withdrawals, ensuring the holder of withdrawal credentials can manage their staked ETH independently and securely.

Why is this EIP needed?

Currently, validators need their active "hot" keys to initiate exits, which can lead to issues in non-standard custody setups. For example:

  • The holder of withdrawal credentials may lack control over staked ETH if active keys are managed by another entity.
  • Lost or compromised active keys can result in funds being inaccessible.

This EIP improves security and usability within Ethereum staking by enabling trustless withdrawals and addressing gaps in validator autonomy.‍

What does this EIP propose, and how does it function?

  • Key Technical Details:
    1. Introduces a withdrawal request contract deployed at a specified address.
    2. Validators with execution layer (0x01) credentials can submit withdrawal requests via this contract.
    3. The mechanism employs a message queue to handle withdrawal requests systematically and prevents congestion using rate-limiting and dynamic fee adjustments.
    4. The fee system discourages abuse by exponentially increasing the cost of requests during high usage.
  • Flow of Withdrawal Requests:
    1. Validator submits a request:
      • Includes their public key, withdrawal amount, and fee.
    2. Request added to queue:
      • The contract validates the fee and adds the request to the queue.
    3. Consensus Layer Processes:
      • Requests are processed at a rate of 2 per block (default).
    4. Funds Released:
      • Approved withdrawals are sent to the validator's address.

What are the security implications of this EIP?

  • Potential Risks:
    • Griefing Attacks: Malicious actors could flood the system with requests to delay others.
    • Fee Overpayment: Validators might unintentionally pay excessive fees if they misunderstand the dynamic pricing model.
  • Mitigation Measures:
    • Rate Limiting: A dynamic fee structure based on usage reduces the feasibility of spamming requests.
    • Queue System: Ensures orderly processing, avoiding congestion.
    • Economic Mechanisms: Exponential fee increases discourage abuse while enabling smooth operation during peak usage.

This EIP strikes a balance between user autonomy and system integrity, providing enhanced security and flexibility for Ethereum validators.