- Tim Beiko announces the final details for the last dress rehearsal of the network.
- The announcement done before the long-awaited Merge in the ETH network.
ETH Network Testnet
From the announcement, the latest proof-of-stake testnet transition will be on Goerli testnet. That is the closest simulation of the ETH mainnet. And this version of the Beacon Chain will called Prater.
Prater is then merged with the testnet with an upgrade called Paris. This merger scheduled between August 6 to 12. But, before that merger, it must have a primary upgradation to prepare Prater for the Merger with Goerl. That would known as Bellatrix and expected to happen on August 4.
Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet
— Tim Beiko | timbeiko.eth
ETH Proceeding Towards Final Testnet
As per the Bulletin, there is only a single testnet remaining. In which it needs several devnets, shadow forks, and merges on deprecated testnets. Node operators will only need to upgrade their consensus layer and execution layer. While the ETH holders and stakers will not need any action.
The following changes only influence the node operators and testnets participants. According to previous developer announcements, the actual deal will be on September 19. Only if the Goerli testing phase will not fail in the testing process.
But, the ninth shadow fork went live this month. That tests a maximal extractable value (MEV) boost feature.
The biggest upgrade on the Ethereum network is The Merger. While, the transition of the ETH network to proof-of-stake must lined up some years ago. But it noted many delays and hence the users and investors got a little frustrated.
On the Beacon Chain, at present there is around 13.1 million ETH staked. That almost shows 10.7% from the total supply and worth approx $21.5 billion. Besides that, the Stakers currently have 4.6% APY in ETH. But they would not even be able to withdraw it until some months after the Merger.
ETH Price Hike
ETH almost got a 15% hike this morning. And while writing, ETH current price is at $1625.02 USD, with an increase of 11.51% in the last 24 hours.
The FED interest rate hike did not even affect the crypto market. What opposes the prediction by market analysts. But it increased by 9%.
Source: https://www.thecoinrepublic.com/2022/07/28/eth-devs-conclude-merge-testnet-details-along-14-hike-in-eth/