On August 4, the Ethereum developer community officially released the Medalla testnet for phase 0 of ETH 2.0. This is the last testnet before the launch of ETH 2.0, and the community has been closely monitoring its progress. Terence Tsao, a developer at Prysmatic Labs, said the testnet was a success.
Despite a few hurdles, many individuals have been involved in the ETH 2.0 testnet launch
The Medalla testnet is the fourth testnet in the first phase of ETH 2.0, following Schlesi, Witti, and Altona. Ethereum developers need to operate as much testnet as possible to ensure the stability of ETH 2.0 when it launches.
The initial launch of Medalla ran into some problems. When it first launched, there was subpar starting participation, with 57% of the validators active.
He explained:
“With high stakes at launch and client teams rushing to push last-minute updates to users, many validators were not perfectly set up at genesis, leading to subpar starting participation. The chain requires at least 66% of validators to be actively validating for the chain to finalize, and we were just short of 57% for the first half-hour of the launch.”
In the end, participation increased by about 85%, making the testnet stable.
Tsao noted:
“Overall, Medalla has been an excellent experience, igniting hundreds of people’s excitement for eth2 and getting more people involved.”
The stable launch of testnet ETH 2.0 is crucial for the actual release of the network upgrade. Due to the complexity of ETH 2.0, the key developers and coordinators emphasized the need for a phase of meticulous testing.
In recent weeks, Ethereum users have been grappling with high fees and congested blockchain networks. Users, especially in the decentralized finance (DeFi) sector, have difficulty processing smart contract payments and data.
ETH 2.0 researcher Justin Drake stated:
Which has scarcer supply, gold or oil? World gold supply is constant. World oil supply burns to zero.
Ethereum innovations (PoS over PoW, fee burning) and healthy onchain demand burns ETH supply to zero.
BTC is gold. ETH is oil (soon™).
— Justin Ðrake (@drakefjustin) August 8, 2020
Network fees on Ethereum | Source: Etherscan.io
As the overall activity of users on Ethereum and various DeFi platforms, as well as decentralized applications (DApps), increases, ETH 2.0, will significantly reduce the pressure from the network.
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