Medalla Testnet Hits 1 Million Staked ETH; Triggers Speculations of Ethereum 2.0 Launch in 2020
The Medalla ETH 2.0 testnet, which was launched last week, is well on track and could set the stage for the final Mainnet to be rolled out later in 2020.
This milestone is quite significant, given the ETH 2.0 team has launched four testnets before Medalla to smoothen the platform’s transition from a proof-of-work (PoW) to proof-of-stake (PoS) consensus. Recent weeks have also seen the price of ETH rally to break past the $400 mark, highs it had only touched during the 2017 crypto market bull-run.
— Terence Tsao (@terencechain) August 9, 2020
Medalla Setting Stage for ETH 2.0 Mainnet
With the Medalla testnet now in play, ETH enthusiasts are optimistic that the project’s fundamentals will finally be reflected in its market price. Currently, over a million GoETH have been staked by validators whose role is to propose and attest the blocks in return for annual rewards.
The testnet’s beacon chain is, however, yet to launch as of press time given 524,288 GoETH are still required to reach the threshold. For better insights, GoETH is a simulated ETH version from an earlier testnet dubbed ‘Goerli’.
Ideally, the validators are incentivized with GoETH rewards in return for securing the network until it reaches consensus. Based on this underlying, the APR keeps on reducing as more GoETH is staked on the Medalla testnet. Initially, validators could earn as much as 21.6% annually but this is now down t0 15.3% and will continue on that trajectory up to a possible 4.9% should the number of staked GoETH hit 10 million.
While the testnet is running smoothly so far, Ben Eddington, a researcher at ConsenSys, has noted that the team might have to adjust the genesis delay in the Mainnet launch. This was because of issues with the client implementations that were set to make attestations for the genesis block in Medalla:
“To improve some of these issues for the Mainnet launch, we’re looking at increasing the genesis delay from its current 48 hours, to 96 hours, or even a week. This buffer will allow everyone to get their ducks in a row.”
Security is a Priority!
Other than the Medalla testnet, Ethereum foundation has been running parallel attack-nets and recently discovered a 9-year-old bug in Prysm’s Go standard library. The foundation has since added $15k as an incentive for hackers to look for other bugs within its ecosystem. It is also quite noteworthy that ETH 2.0 is currently looking to hire an internal security team as they prepare for the final Mainnet launch.