Ethereum Announces Good News: The Biggest One is Coming!

In celebration of the one-year anniversary of the “Merge” transition, Ethereum launched a new testnet called “Holesky.” This network was created to commemorate Ethereum’s transition to a “proof-of-stake” model. According to developers, Holesky will be the largest testnet for Ethereum…

Ethereum announces details for Holesky testnet

Launched on Friday, Holesky will be twice the size of the Ethereum mainnet. Thus, developers will be able to perform larger-scale simulations. The new network is currently available to watch on the beaconcha.in website.

Holesky’s launch comes on the anniversary of Ethereum’s so-called “Merge” move to a more energy-efficient “proof-of-stake” model. Testnets are used to test new applications and smart contracts in a low-risk environment. Goerli testnet, which is planned to be decommissioned in 2024, will be replaced by Holesky.

The largest testnet for Ethereum is ready

Parithosh Jayanthi, one of the core developers of Ethereum, stated that they expect Holesky to be the largest testnet for Ethereum. Holesky will solve the scaling problems in the mainnet with 1.4 million validators.

Holesky will have a larger set of validators than Goerli and Sepolia. In this way, developers will be able to test infrastructure and upgrades under more challenging conditions. Jayanthi said that this will help prevent unexpected problems on the mainnet. “We don’t want to experience a scaling problem that we might first encounter on the Mainnet. We want to catch such problems at the testnet stage. That’s why we need a testnet larger than the main Ethereum network,” he summarized.

ETH is becoming disinflationary

According to data, Ethereum supply decreased by 300 thousand ETH in the first year of the Merge upgrade. With the Merge upgrade, Ethereum switched from PoW to PoS. Thus, he implemented the ETH burning strategy. This important step was taken exactly one year ago.

According to the information provided by the Ultrsound.money platform, 680,455 ETH was produced in the last year. During the same period, 980,377 ETH was burned. This led to a decrease in the net Ethereum supply of 299,922 ETH.

Interestingly, if Ethereum had stayed in the PoW model, the amount of ETH in circulation would have increased by 3%, or 3.8 million ETH. However, thanks to the transition to PoS, the annual net decrease in supply was 0.249%.

What is the price of Ethereum?

As you follow from Kriptokoin.com, Ethereum price gained around 1.5% on September 15. The leading altcoin is currently trading at $1,616.75. During the same time frame, most major cryptocurrencies, including BTC, were moving sideways. In the latest developments around Ethereum, its founder Vitalik Buterin received an invitation from Hong Kong.