- Ethereum has shipped a “merge” on the Sepulia testnet.
- The top smart contract blockchain is ready for a final testnet launch ahead of its mainnet deployment.
- The merge is a highly anticipated update that will see Ethereum move from proof-of-work to proof-of-stake.
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Another testnet is expected before the launch on the Ethereum mainnet.
Ethereum Completes Sepulia Testnet
The main event that Ethereum fans have been waiting for for many years may finally be on the horizon.
The top smart contract blockchain completed its Sepulia testnet for a “merge” on Wednesday, taking the network one more step closer to its long-awaited transition to proof-of-stake.
Ciopalia is Ethereum’s second public merged testnet, following its successful deployment on Ropsten last month. Thereafter, the update is set to launch on the GoErly testnet, before moving to the Ethereum mainnet. Although the shipping date of the merge on the mainnet has not yet been decided, Goerly is expected to launch in the coming weeks.
Merge refers to the docking of Ethereum’s proof-of-work execution layer and its proof-of-stake consensus layer, also known as the beacon chain. In each testnet, the two layers have been merged as part of a move to replace Ethereum’s proof-of-work consensus mechanism with proof-of-stake. Once the mainnet is launched, Ethereum will no longer rely on miners and will instead use validators who staked ETH to achieve consensus. Running an independent node requires locking up 32 ETH worth about $35,000 at current prices, although projects such as Lido and Rocketpool have brought pooling services to market for those with less capital.
all eyes on the merger
The merge is a much-anticipated event for Ethereum as it is expected to reduce ETH emissions while improving the network’s energy efficiency by over 99%. This will set the stage for the adoption of Layer 2 solutions such as ZK-Rollups, as well as the addition of sharded chains, the next step in Ethereum’s scaling ambitions.
Ethereum co-founder Vitalik Buterin has been discussing the benefits of Proof-of-Stake since 2014; He famously miscalculated the potential launch date of the blockchain for the update by several years. Although the merge has been subject to several delays, the Sepulia launch moves the network closer to the 2022 mainnet deployment target date.
Although the promise of an upcoming merge served as one of the key narratives behind Ethereum and its fallout from the 2021 bull run, it did little to stop ETH’s dire price action in the midst of a month-long market-wide downturn. has been done. Since peaking at $4,800 in November 2021, the number two crypto asset has dropped 76.7% of its value. It is currently trading at around $1,100, giving Ethereum a market cap of around $136.8 billion.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.