{"id":193738,"date":"2023-09-15T21:39:37","date_gmt":"2023-09-15T21:39:37","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=193738"},"modified":"2023-09-15T21:39:37","modified_gmt":"2023-09-15T21:39:37","slug":"holesky-testnet-takes-flight-on-merge-anniversary-amidst-ethereum-30-day-slump","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/holesky-testnet-takes-flight-on-merge-anniversary-amidst-ethereum-30-day-slump\/","title":{"rendered":"Holesky Testnet Takes Flight On Merge Anniversary Amidst Ethereum 30-Day Slump"},"content":{"rendered":"

One year has passed since the Ethereum (ETH) <\/span>Merge<\/span>, which marked the integration of Ethereum’s proof-of-stake (PoS) Beacon Chain with the Ethereum Mainnet.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Importantly, this transition did not impact Ether tokens held by investors, and the operations of Ethereum-based applications remained unchanged.\u00a0<\/span>As Ethereum celebrated the first anniversary of The Merge, it introduced its latest testnet called Holesky.<\/span><\/p>\n

The Future Of Ethereum Development And Testing?<\/span><\/h2>\n

Initially known as Holli, the Holesky testnet is designed to enhance the testing environment on Ethereum.\u00a0<\/span>Drawing inspiration from a vibrant neighborhood in Prague, Czech Republic, this new testnet offers various improvements over its predecessor, Goerli.\u00a0<\/span><\/p>\n

According to a <\/span>blog post<\/span> from the software development firm Tatum, Holesky is set to replace Goerli as the primary testnet for staking, infrastructure, and protocol development. <\/span>For testing decentralized applications, smart contracts, and other Ethereum Virtual Machine (EVM)-related functions, the Sepolia testnet remains the preferred choice. <\/span><\/p>\n

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. <\/span>To ensure rigorous testing, Holesky aims to have twice as many active validators as the main Ethereum network.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

According to Tatum\u2019s blog post, by introducing Holesky and refining inflation mechanisms based on the Sepolia testnet, Ethereum continues to evolve and improve its protocols.\u00a0<\/span><\/p>\n

One Year After The Merge<\/span><\/h2>\n

In a recent <\/span>post <\/span>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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

<\/p>\n

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.<\/span><\/p>\n

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%.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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 <\/span>data<\/span>.<\/span><\/p>\n

Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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