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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Holesky Testnet Takes Flight On Merge Anniversary Amidst Ethereum 30-Day Slump

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Ethereum

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One year has passed since the Ethereum (ETH) Merge, which marked the integration of Ethereum’s proof-of-stake (PoS) Beacon Chain with the Ethereum Mainnet. 

This significant milestone facilitated the transition of the Ethereum blockchain from the legacy proof-of-work (PoW) system to a PoS model, giving rise to Ethereum 2.0.

The completion of the Merge on September 15, 2022, brought about a major shift in Ethereum’s energy consumption, with an expected reduction of 99.95%. Additionally, this transition opened up new possibilities for scaling the Ethereum ecosystem.

The merge involved migrating the entire blockchain to new PoS validator nodes, which require participants to stake or lock up 32 Ether (ETH) to participate in the network.

Importantly, this transition did not impact Ether tokens held by investors, and the operations of Ethereum-based applications remained unchanged. As Ethereum celebrated the first anniversary of The Merge, it introduced its latest testnet called Holesky.

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The Future Of Ethereum Development And Testing?

Initially known as Holli, the Holesky testnet is designed to enhance the testing environment on Ethereum. Drawing inspiration from a vibrant neighborhood in Prague, Czech Republic, this new testnet offers various improvements over its predecessor, Goerli. 

According to a blog post from the software development firm Tatum, Holesky is set to replace Goerli as the primary testnet for staking, infrastructure, and protocol development. For testing decentralized applications, smart contracts, and other Ethereum Virtual Machine (EVM)-related functions, the Sepolia testnet remains the preferred choice.

Holesky, on the other hand, serves as Ethereum’s merged-from-genesis public testnet, mirroring mainnet functionalities and enabling precise evaluations through thorough staking trials, infrastructure assessments, and direct protocol developer testing. To ensure rigorous testing, Holesky aims to have twice as many active validators as the main Ethereum network. 

The network starts with a solid foundation of 1 million validators, encouraging teams to run a substantial number of validators, with each team handling around 100,000 validators. These measures contribute to the comprehensive evaluation of the testnet and intended functionality.

According to Tatum’s blog post, by introducing Holesky and refining inflation mechanisms based on the Sepolia testnet, Ethereum continues to evolve and improve its protocols. 

One Year After The Merge

In a recent post on X (Formerly Twitter), the self-proclaimed Ethereum Educator, who goes by the pseudonym “Sassal.eth,” highlighted some notable statistics on the first anniversary of The Merge. 

One significant achievement for Ethereum since the Merge is burning 980,000 ETH tokens, resulting in a permanent reduction of Ethereum’s total supply. Burning ETH involves removing tokens from circulation, contributing to potential scarcity and value. 

Additionally, the Ethereum 2.0 network has seen a significant 11.6 million ETH being staked, which involves locking up ETH as collateral to participate in the proof-of-stake consensus mechanism.

Moreover, according to Sassal, adding 362,000 new validators has strengthened the Ethereum network. Validators are crucial in proposing and validating new blocks, ensuring the network’s security and overall robustness. 

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ETH’s decline over the past 30 days on the daily chart. Source: ETHUSDT on TradingView.com

On the other hand, Ethereum’s native token, ETH, has experienced a tumultuous journey in terms of its price performance since the beginning of the year. Despite reaching an annual high of $2,144 on April 16, ETH has been impacted by the overall market trend, resulting in significant losses across various time frames.

Currently, ETH is trading at $1,619, representing a 1% decline in the past 24 hours. Similarly, over the past seven days, the token has recorded a decrease of 0.9%. 

Looking at the fourteen and 30-day time frames, ETH has experienced declines of 1% and 11.3%, respectively, underscoring the prevailing downward trend for the token’s value. 

However, it is worth noting that since the occurrence of The Merge, ETH has witnessed a moderate rise of 7.6% year to date, according to Coingecko data.

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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