Eth hits all-time as Ethereum 2.0 testnet “Steklo” launches successfully

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23% of all Ether (ETH) is now locked in smart contracts

Ethereum 2.0 testnet dubbed Steklo has been successfully launched. This is the first time that eth1 and eth2 have communicated, which is essential for a smooth transition to Proof-of-Stake (PoS) consensus.

Launch of the Steklo testnet

Ethereum (ETH) continues to advance. Yesterday, Ether even hit a new record high at $2,955 and a capitalization of over $340 billion. At the same time, the developers of Ethereum (ETH) have announced a crucial step towards the migration to the proof of stake consensus.

Thus, the developers of the network have successfully launched the testnet “Steklo” which means “glass” in Russian. This was launched with 3 Ethereum 1.0 clients (Besu, Geth and Nethermind) and 4 Ethereum 2.0 clients (Teku, Prysm, Lighthouse and Nimbus). This is the first time that eth1 and eth2 have communicated , which is essential for a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

Ethereum 2.0 developer Diederik Loerakker said the Steklo testnet remains quite unstable. He explained: “The testnet is in a pretty unstable state right now. We’ll be running more user-centric testing in the coming weeks, once things stabilize enough. Good job everyone on this first devnet , we’ve made a lot of progress in setting up the testnet and onboarding clients. “

According to some estimates, the merger of the two consensus could take place as early as December 1, 2021.

More than 4 million ETH in staking

In total, the Ethereum 2.0 deposit agreement accommodates more than 4.11 million ethers in staking, or approximately $11.8 billion at the current price.

ETH2 staking

Evolution of the number of ETHs in staking – Source:  Dune Analytics

The number of active validators securing the network increased during the first quarter of 2021. There are around 120,000 validators currently active .

Thus, the more ETH there is in staking, the more the network will be decentralized and secure. As a reminder, the Ethereum 2.0 deposit contract serves as a bridge between the current proof-of-work process and the new proof-of-stake consensus. This new consensus mechanism will allow many more transactions to be processed while reducing transaction costs.