Ethereum Devs Finalize Merge Testnet Details as ETH Surges 14%
Ethereum lead developer Tim Beiko declared the final detail before the final testing phase of the Merge.
The proof-of-stake Testnet transition will be on the Goerli Testnet the closest simulation of the Ethereum Mainnet. The Goerli version of the Beacon Chain is called Prater and it will be merged with the Testnet between August 6 and 12 in an upgrade called Paris.
Before a prior upgrade, Bellatrix needs to occur to prepare Prater for the Merger with Goeri.
Goerli/Prater Merge Announcement— Tim Beiko | timbeiko.eth (@TimBeiko) July 27, 2022
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 https://t.co/JAz5AJe12B
The bulletin said that Testnet remains following several devnets shadow forks and Merges on deprecated Testnet.
It added that node operators will need to update both their consensus layer and execution layer in tandem. Ethereum holders and speakers will not need to take any action.
The ninth shadow fork went live to test a maximal extractable value boost feature. The Merge has been expressed as the biggest upgrade to Ethereum since its inception seven years ago. the transition to proof-of-stake was supposed to happen several years ago. and repeated delays have frustrated users and investors.
At that time there was 13.1 million ETH staked on the Beacon chain. this represents 10.7% of the total supply and is now worth approx $21.5 billion Stakers are now enjoying 4.6% APY in ETH but they will not be able to withdraw until several months after the Merge.
Ethereum prices have surged, The live Ethereum price today is $1,620.78 with a 24-hour trading volume of $25,226,250,902 Ethereum is up 11.21% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $197,298,440,841 USD. It has a circulating supply of 121,730,846 ETH coins and the max. The global crypto market cap is $1.05T, a 7.09% increase over the last day. The total crypto market volume over the last 24 hours is $94.67B, which makes a 51.03% increase. The total volume in DeFi is currently $8.21B, 8.68% of the total crypto market 24-hour volume. The volume of all stablecoins is now $89.19B, which is 94.21% of the total crypto market 24-hour volume, crypto markets were unaffected by the Federal Reserve's rate hike and have gained 9%.