Update Credentials Without Mnemonic

Many Ethereum validators have been securing the network since pre-genesis, when setting withdrawal credentials was not yet an option. Over time, a significant number of these early validators have lost their mnemonic phrases, leaving them unable to update their credentials and access their staked ETH. As a result, a large group of long-term contributors now find themselves locked out of their rightful rewards, highlighting the need for a recovery mechanism.

BLS withdrawal credentials will need to be deprecated at some point in the future.

BLS withdrawal credentials are not quantum-resistant, making them a long-term security risk for Ethereum. As quantum computing advances, the cryptographic assumptions underlying BLS signatures could be broken, potentially exposing funds to theft. To mitigate this risk, Ethereum will eventually need to deprecate BLS credentials in favor of more secure alternatives, ensuring the safety of validator funds in a post-quantum world.