ETH Approaches New ATH of $3000 After the Successful Launch of ETH 2.0 Testnet Steklo

Published May 2, 2021 | Updated May 2, 2021

In Brief
  • The ETH price rally to $3000 is followed by a high rise in the active Ethereum addresses.
  • This is for the first time that ETH 1 and ETH 2 communicated which is essential for a smooth transition from PoW to PoS network.

ETH Approaches New ATH of $3000 After the Successful Launch of ETH 2.0 Testnet Steklo

  • The ETH price rally to $3000 is followed by a high rise in the active Ethereum addresses.
  • This is for the first time that ETH 1 and ETH 2 communicated which is essential for a smooth transition from PoW to PoS network.

Etheruem (ETH) continues its march to the moon with consistent 5% growth every single day. At press time, Ethereum (ETH) is trading at a new all-time high of $2946 with a market cap of $340 billion. The world’s second cryptocurrency is looking to cross the key milestone of $3000 for the first time in its history.

Over the last week, the ETH price has surged ~35% to hit the new milestone today. This latest ETH price rally comes as the number of active ETH addresses continues to make a historic rise.

On the other hand, the developers’ network has successfully completed the launch of Ethereum 2.0 Testnet Steklo. This is the first full Proof of Stake (PoS) communication between different Ethereum clients.

Some of the participating ETH 2.0 clients included Lighthouse, Teku, Nimbus, and Prysm. Along with it, ETH 1 clients like Besu, Geth, and Netherland also participated.

Moving Towards User-Centric Testnets

Ethereum 2.0 developer Diederik Loerakker said that the Steklo testnet is quite unstable. He added:

“The testnet is in quite an unstable state right now, and more a tool for devs to debug clients today. We’ll run more user-centric testnets in the coming weeks, once things stabilize enough. Good work everyone on this first devnet, we made a lot of progress in testnet setup and client integration.”

This was the first time when ETH 1 and ETH 2 clients communicated with each other. It was a classic example of the emulation of the merger removes Proof of Work miners and upgrades towards the Proof-of-Stake network. The optimistic timeline for the actual merger to happen is December 1.

Moving in the direction of having a ‘stakers only’ Ethereum network will be done by changing the Remote Procedure Call (RPC). This will help to keep the Ethereum network and its processes fully intact. Hopefully, we are looking for the release of more testnets that involve public participation as well.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar 432 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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