diff --git a/specs/phase0/deposit-contract.md b/specs/phase0/deposit-contract.md
index 429ebf238..3633ac3ae 100644
--- a/specs/phase0/deposit-contract.md
+++ b/specs/phase0/deposit-contract.md
@@ -61,15 +61,12 @@ The amount of ETH (rounded down to the closest Gwei) sent to the deposit contrac
 
 One of the `DepositData` fields is `withdrawal_credentials`.
 
-This field is a commitment to credentials for withdrawing validator balance (e.g. to another validator, or to shards).
-The first byte of `withdrawal_credentials` is a version number. The remaining
-bytes are content specific to the version.
+This field is a commitment to credentials for withdrawing validator balance, e.g. to another validator, to an Ethereum 1.0 address, or to a shard.
+The first byte of `withdrawal_credentials` is a withdrawal prefix which specifies the withdrawal type. The remaining 31 bytes are specific to the withdrawal prefix.
 
-Currently, `BLS_WITHDRAWAL_PREFIX` and `ETH1_ADDRESS_WITHDRAWAL_PREFIX`
-versioned withdrawal credentials are supported. Read more in the [validator guide](./validator.md).
+The withdrawal prefixes currently supported are `BLS_WITHDRAWAL_PREFIX` and `ETH1_ADDRESS_WITHDRAWAL_PREFIX`. Read more in the [validator guide](./validator.md).
 
-*Note*: The deposit contract does *not* validate withdrawal credentials.
-Thus, new versions can be added without modifications of the deposit contract.
+*Note*: The deposit contract does not validate withdrawal credentials. Support for new withdrawal types can be added without modifying the deposit contract.
 
 #### `DepositEvent` log