The Ethereum Foundation has announced the final Testnet version of the ETH 2.0 Validator Launchpad. The released validator will allow users to participate in the Testnet’s proof-of-stake.
The non-profit organization that supports the development of the Ether cryptocurrency announced the release of the validator Launchpad for the multi-client testnet Medalla. The July 27, 2020 blog post stated that the Launchpad is part of the testnet launch stage, before Phase 0, in which the network will move towards Proof-of-Stake (PoS). With the Ethereum 2.0 final testnet set to be released on August 4, developers have opened the doors to validators. The blog stated:
“We’re releasing it now so that you can keep track of, and make deposits into, the upcoming Medalla multi-client testnet […], but we’ll continue to fine-tune the interface in the run-up to MainNet launch.”
Validators Are a Vital Component
According to the announcement, the new Launchpad has been developed in partnership with Consensys and DeepWork Studio and is ready for anyone who wants to become an ETH 2.0 validator. Validators will have the privilege of managing their keys in the ETH 2.0 blockchain besides learning more about the network and earning rewards. Validators are a vital component of the ETH 2.0 proof-of-stake algorithm, and there are chances many users will join in.
Ethereum 2.0 will become the most significant upgrade of the Ethereum network so far. The update will ditch miners in favor of staking nodes and switch the network’s consensus algorithm from proof-of-work (PoW) to proof-of-stake (PoS). The launch will also educate future validators on the basics of Ethereum 2.0, the roadmap, and all the attendant risks and responsibilities. The blog post added:
“The idea behind the Launchpad is to make the process of becoming an eth2 validator as easy as possible, without compromising on security and education. In contrast to using a third-party service, running your own validator comes with the responsibility of managing your keys. This responsibility brings with it an inescapable tradeoff between ease-of-use, security, and education.”
Increased Interest in DeFi
As at the time of writing, users had already sent over 218,000 ETH to the ETH 2.0 Launchpad as deposits. This is a clear indication that many people are looking to have a chance of becoming validators even though it is still in its Testnet. The next phase involves tracking participants and their balances to help validate the Testnet. According to Danny Ryan, the ETH 2.0 coordinator, Medalla will only start when at least 16,384 validators commit at least 524,288 ETH.
The trading volume on the Ethereum blockchain has surged during the last few days to the extent of overtaking Bitcoin. The vast amounts are suspected to be associated with the increased interest in Stablecoins and DeFi farming. While the price of Ethereum did not rally too much during the second quarter of 2020, Ethereum is gradually following Bitcoin’s lead by reaching an all-time high of $326 even as Bitcoin surpasses the $11,000 mark.