Ethereum 2.0 Launch Date May Be Debatable, But the Topaz Testnet Pushes Forward With 1 Million Staked Ether

Ethereum 2.0 is well underway after a successful test run in Topaz

  • Topaz testnet for Ethereum 2.0 posted excellent results in its test run that commenced this April 14th.
  • Prysmatic Labs have recorded about 32,424 validators who staked over 1 Million ETH as the Ethereum 2.0 update is keen to shift towards Proof of Stake protocol.

Prysmatic Labs have been executing a testnet on its Topaz prototype. This is a fully scalable version of the Ethereum 2.0 launched April 14th, 2020, and has now posted excellent results in a recent testnet run.

1 Million Ether Feat

At the time of publishing, the testnet has gained 32,424 validators (another 5,206 pending) who have staked 1,036,450 Ethereum [see here]. This would have translated to a cool $205 million had it not been just a test-run. Although there are several similar ongoing test-runs for the Ethereum 2.0, Prysmatic Labs has received funding from both Vitalik Buterin and the Ethereum Fund Committee.

Massive Community Response

The CEO of Prysmatic Labs, Preston Van Loon was particularly impressed by the engagement from the community in the Topaz testnet. This was clear as most of the validators for the Testnet were from the Ethereum Community. He was confident that the 1 million Eth feat was evidence the Ethereum 2.0 would be capable of supporting heavy activity on its launch that is scheduled for later in 2020.

During the testnet towards the end of April, crypto exchange OKEx agreed to onboard as one of the validators being involved in the ETH staking process to ensure the smooth running of the testnet.

Currently, Ethereum is the second-largest Blockchain with a $22,024,569,269 market cap and trading at $198.35. It recorded $13,150,772,600 in trading volume with 111,022,864 in supply according to Coinmarketcap as per this writing.

From Proof of Work to Proof of Stake

They are currently undergoing major updates with the objective of mitigating the Blockchain’s scalability woes to extend support for more transactions. They also intend to move from Proof of Work (PoW) to the Proof of Stake (PoS) protocols whereby the users will be required to stake in Eth to keep the Network fully operational.

The Prysmatic labs have been crucial contributors to the project accounting for over 47% control. This, however, marks a 6% dip from the figures posted at the beginning of May.

Ethereum (ETH) Live Price

1 ETH/USD =$239.2229 change ~ -5.01%

Coin Market Cap

$26.6 Billion

24 Hour Volume

$2.73 Billion

24 Hour VWAP

$238

24 Hour Change

$-11.9879

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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