Validator participation is on the rise. As a consequence, the number of ETH wagered on Ethereum 2.0 Testnet is approaching 2 million tokens.
Sure enough, during the Ethereum 2.0 Medal Testnet launch on August 4, the testnet registered around 20,000 validators. However, the number of active validators has increased to more than 62,000.
It should be noted, that this comes in the middle of the launch of Optimism Layer 2 for Ethereum and the DeFi TVL watch, priced at $ 17 Billion.
What do the numbers indicate about Ethereum 2.0 Testnet?
According to the latest update, the validators have staked around 2 million tokens. Especially, on the Ethereum 2.0 Testnet Medal testnet.
Active validators are just above 62,000. With a participation of the network that oscillates between 104% in the last hours.
ETH Layer 2 Testnet launched to give an optimistic shape
So, people are working to make Ethereum 2.0 a huge success. But, in addition to the Medal, Plasma Group developers have worked hard to reduce the activity load on Ethereum’s core network.
In fact, known as “Optimism Layer 2,” the testnet will find deployment in currently trending projects. In order to, test Ethereum’s sizing capabilities.
For its part, Optimism is OVM, an Ethereum Virtual Machine (EVM) compatible runtime environment. Its purpose is to work outside the root chain to process data and transactions faster.
To this end, the Optimism Ethereum testnet will be implemented in several phases, bringing the first users gradually. So that the team can individually support each project.
Specifically, Optimism, is the only L2 solution for Ethereum. This means that you do not need to add specific functionality to support existing L1 protocols.
Similarly, the DeFi Synthetix protocol will take the initial opportunity to test Optimism. As such, it will offer SNX 317.13 in rewards to its users for participating.
Also, Synthetix indicated that the testnet is open to the public, but is not available for public contract deployment. Since there will be errors that will need to be fixed first.
Total value locked in DeFi clocks
In addition to this, recent data points to a resurgence of deposits in US dollars, in decentralized finance protocols. According to the latest numbers, the total blocked value (TVL) has exceeded $ 19 billion.
The recent surge comes after the Uniswap decentralized exchange posted around $ 2.3 billion in liquidity. An all-time high for the Ethereum-based DEX.
To conclude, Ethereum 2.0 is expected to launch in November 2020. However, the official launch will be only the first phase of a phased launch, which could last until 2022.
I say goodbye with this phrase from George Soros: «It doesn’t matter at all if you’re right or wrong. What does matter is how much you win when you are right and how much you lose when you are wrong.«.