Over 2 Million Test Ethereum Staked On ETH 2.0 Medalla Testnet; Q4 2020 Launch In Sight?
- Over 2 million staked in Ethereum 2.0 Medalla testnet.
- Over 63,000 active validators are testing the new update.
- Spadina Testnet set for launch on Tuesday, September 29.
Over the past four or so years, the Ethereum community has worked tirelessly in developing Ethereum 2.0, an update aiming to switch the current proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism. According to data provided by Beaconcha.in, Eth 2.0 is edging closer to reality with huge participation in staking on the recently launched Medalla testnet.
The testnet block explorer shows over 2 million test ETH, named Görli ETH, are collectively staked on the Medalla testnet and a further 63,395 validator nodes activated. Over 5,200 validators are in queue to take up validator nodes, as at the time of writing.
Such a huge uptake in the testnet version shows an increasingly positive appreciation of ETH 2.0 as the staked amount increases. The participation range of the validators on Medalla testnet has ranged between 70% and 80% in the past 24 hours, averaging 63% since its launch a month or so ago.
ETH 2.0 is set to usher in a new world for Ethereum users allowing any ETH holder to stake 32 ETH to get rewards. Shifting the blockchain to a PoS network will set in a new consensus that will see a network of node validators stake their ETH to verify blocks added to a chain.
Staking on ETH 2.0 is, however, risky for malicious and careless node validators, who may see some of their staked ETH slashed. A validator can be slashed if they violate the Casper FFG rules or if they create two beacon blocks in one epoch. This discourages bad behavior and maliciously trying to cheat the blockchain into accepting a ‘bad block.’
ETH 2.0’s Spadina “small scale” Testnet
Today, Sept. 29, another testnet, Spadina, is set to launch a small-scale experiment to prepare the Phase 0 ETH 2.0 launch. Developers of Spadina aim a three-day “dress rehearsal” for the community to practice sending deposits, launching beacon nodes, and validator clients starting from genesis.
The small scale test net will only involve 1024 validators during the 72-hour rehearsal with the main net spec requiring 16384 validators to launch. Spadina’s mainnet launch will run co-currently with Medalla testnet in a bid to check for any bugs and risky activities in the process of launching ETH 2.0 Phase 0.
Medalla testnet hit 1 million staked ETH at the start of August, fueling the discussions that the ETH 2.0 launch could be fast-tracked to launch before the end of 2020. However, the process to fully transition to the proof-of-stake blockchain could take up to 2 years.