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

Topaz testnet from @prylabs has hit 1MM goerli eth at stake! 🎉 pic.twitter.com/6npNBJX9uS

— Terence Tsao (@terencechain) May 20, 2020

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.