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Ethereum’s 2.0 Medalla testnet flooded with about 2 Million test ETH

Photo of: Dennis Ramos
by Dennis Ramos

Validator participation in Ethereum 2.0’s Medalla testnet is on the rise. And with the growing number of them, the number of staked test ETH is about to close in on a new high of Almost two million test ETH tokens, that are now staked on Medalla.

The much talked about Ethereum version 2.0 Medalla test net is now getting validated. Reportedly more than 2 million test Ethers are now being validated on the Medalla test net. The number of active validators has now increased to over 62,000 in the last one month which is above 63%.

So, a validator necessarily is a participant who locks up tokens in the network and runs validator nodes to help run the network. A validator usually has the following responsibilities:

  • Stake network tokens and run validator nodes to join the system as a Validator
  • Earn staking rewards for validating state transitions on the blockchain
  • Subject to penalties/slashing for activities such as double signing, validator downtime, etc.

This comes at a time when the launch of the optimism layer of Ethereum and DeFi TVL totals $11 billion. The latest update shows that the validators have staked nearly 2 million Goerli test tokens on Ethereum 2.0 Medalla test net. Active validators stand above 62,000 points with network participation governing between 72% and 80% in the last 24 hours. 

Source: Beaconcha

As per the latest estimates, close to 2 million tests, ETH tokens are now eligible for voting but only a little more than 1.5 million Ethers have voted to validate Medalla. The latest updates on test ETH staking say that about 38,000 participants had pooled in more than 1.1 million Goerli Ethereum tokens as even the validator participation has seen a marked increase in the last one month. 

As is seen, everything is being done to make the Ethereym 2.0 a success but apart from that, the Plasma Group developers are also doing their best to reduce the activity load on the main net. The Optimism Layer 2 will be deployed over the current popular and trending projects to test Ethereum’s scaling capabilities. Optimism has been a carefully structured, OVM, a fully-featured Ethereum Virtual Machine that complies with the execution environment. The main motto of Optimism is to work off the root chain in order for the rapid processing of data and transactions all in a fast manner. It is at the moment only a collective and comprehensive L2 solution for Ethereum. This clearly implies that it does not have to include any particular functional capability in order to support existing L1 protocols.

It will be the much popular DeFi protocol Synthetix that will take the first shot at trying out the trial for Optimism. In the trialing process, it will offer 200,000 SNX in rewards to their users for their valued participation. It said that the test net is open to the public but not open for public contract deployment.