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

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.

#Ethereum is edging closer to the much anticipated $3,000 price level for the first time in the #2 #crypto asset's six year history. Price growth often results from increased activity in a given network, and we continue seeing an impressive rise from $ETH. https://t.co/unvZ2Np7T8 pic.twitter.com/z0Rr8qEgWO

— Santiment (@santimentfeed) May 1, 2021

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.

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