Holesky Testnet Takes Flight On Merge Anniversary Amidst Ethereum 30-Day Slump
15 Setembro 2023 - 5:00PM
NEWSBTC
One year has passed since the Ethereum (ETH) Merge, which marked
the integration of Ethereum’s proof-of-stake (PoS) Beacon Chain
with the Ethereum Mainnet. This significant milestone
facilitated the transition of the Ethereum blockchain from the
legacy proof-of-work (PoW) system to a PoS model, giving rise to
Ethereum 2.0. The completion of the Merge on September 15, 2022,
brought about a major shift in Ethereum’s energy consumption, with
an expected reduction of 99.95%. Additionally, this transition
opened up new possibilities for scaling the Ethereum ecosystem. The
merge involved migrating the entire blockchain to new PoS validator
nodes, which require participants to stake or lock up 32 Ether
(ETH) to participate in the network. Importantly, this transition
did not impact Ether tokens held by investors, and the operations
of Ethereum-based applications remained unchanged. As Ethereum
celebrated the first anniversary of The Merge, it introduced its
latest testnet called Holesky. Related Reading: Artist Stages
Crypto Protest In Front Of US SEC With “Rug Pull” Exhibit The
Future Of Ethereum Development And Testing? Initially known as
Holli, the Holesky testnet is designed to enhance the testing
environment on Ethereum. Drawing inspiration from a vibrant
neighborhood in Prague, Czech Republic, this new testnet offers
various improvements over its predecessor, Goerli. According
to a blog post from the software development firm Tatum, Holesky is
set to replace Goerli as the primary testnet for staking,
infrastructure, and protocol development. For testing decentralized
applications, smart contracts, and other Ethereum Virtual Machine
(EVM)-related functions, the Sepolia testnet remains the preferred
choice. Holesky, on the other hand, serves as Ethereum’s
merged-from-genesis public testnet, mirroring mainnet
functionalities and enabling precise evaluations through thorough
staking trials, infrastructure assessments, and direct protocol
developer testing. To ensure rigorous testing, Holesky aims to have
twice as many active validators as the main Ethereum network.
The network starts with a solid foundation of 1 million validators,
encouraging teams to run a substantial number of validators, with
each team handling around 100,000 validators. These measures
contribute to the comprehensive evaluation of the testnet and
intended functionality. According to Tatum’s blog post, by
introducing Holesky and refining inflation mechanisms based on the
Sepolia testnet, Ethereum continues to evolve and improve its
protocols. One Year After The Merge In a recent post on X
(Formerly Twitter), the self-proclaimed Ethereum Educator, who goes
by the pseudonym “Sassal.eth,” highlighted some notable statistics
on the first anniversary of The Merge. One significant
achievement for Ethereum since the Merge is burning 980,000 ETH
tokens, resulting in a permanent reduction of Ethereum’s total
supply. Burning ETH involves removing tokens from circulation,
contributing to potential scarcity and value. Additionally,
the Ethereum 2.0 network has seen a significant 11.6 million ETH
being staked, which involves locking up ETH as collateral to
participate in the proof-of-stake consensus mechanism. Moreover,
according to Sassal, adding 362,000 new validators has strengthened
the Ethereum network. Validators are crucial in proposing and
validating new blocks, ensuring the network’s security and overall
robustness. Related Reading: Dogecoin Price Prediction for
2023, 2024, 2025, 2030 & Beyond On the other hand, Ethereum’s
native token, ETH, has experienced a tumultuous journey in terms of
its price performance since the beginning of the year. Despite
reaching an annual high of $2,144 on April 16, ETH has been
impacted by the overall market trend, resulting in significant
losses across various time frames. Currently, ETH is trading at
$1,619, representing a 1% decline in the past 24 hours. Similarly,
over the past seven days, the token has recorded a decrease of
0.9%. Looking at the fourteen and 30-day time frames, ETH has
experienced declines of 1% and 11.3%, respectively, underscoring
the prevailing downward trend for the token’s value. However,
it is worth noting that since the occurrence of The Merge, ETH has
witnessed a moderate rise of 7.6% year to date, according to
Coingecko data. Featured image from iStock, chart from
TradingView.com
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