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ETHs staked in Ethereum 2.0 Medella testnet nears 2 million

ethereum

The current activity in the Ethereum 2.0 Medella testnet indicates that Ethereum users are highly optimistic about Eth2 or Serenity. The number of validators on the testnet has more than doubled from the initial 20,000. Likewise, the number of Ethers staked in the testnet has significantly increased since Medella was launched.

Almost 2 million ETHs stake in Ethereum 2.0 testnet

Following the data from beaconcha.in, an Ethereum 2.0 Medella testnet block explorer, the users are seemingly betting positively on the network improvement with Eth2, which has been in development for more than two years. During the launch of Medella on August 4, the testnet recorded about 20,000 validators. However, the number of active validators have increased to 63,062.

In accordance with the data, also, there are about 5,580 validators waiting to join the active validator stage. Most importantly, there is currently 1,985,198 ETH (which is known as Görli ETH) staked in Ethereum 2.0 Medella testnet. Noteworthily, only 650,000 Ether (ETH) was staked in the testnet when launched. This also shows the readiness amongst Ethereum users for the reward that comes with staking as Ethereum migrates to a Proof-of-Stake (PoS) model.

Eth2 PoS: A lot more of improvement

Ethereum 2.0 has long been proposed as a major improvement to the currently running Ethereum network. With Serenity, the Ethereum core developers intend to address the issue of scalability and security, which is clogging the network. Also, the low throughput on the current Ethereum has resulted in expensive transactions fee for users. 

However, among other improvements, Ethereum 2.0 promises to raise the capacity of the network in processing transactions to include over 100,000 per second, rather than 15 transactions in a second. Ultimately, the deployment of Eth2 will mark the transition of the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in reaching consensus on block generation.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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