The wait has final come to an end as Ethereum 2.0 final testnet will be launched on August 4. The news of the launch was shared by Danny Ryan, the platform launch coordinator, on the discussion board for testnet.
“After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th,” he said.
However, the details on the upgrade is still to be made public. It has been said that the Ethereum will make it public in the next few weeks of time.
The initial phase has been on the runs since a long time for now. It has been in the market since the genesis block was created for Beacon Chain in April.
The initial pase, known as phase 0, was in dire need for an upgrade and the new version will allow upgrade to Proof-of-Stake and will dramatically increase transaction speeds.
To secure the upgrade users will need to put up a minimum of 32 Ethereum at stake for validation.
The initial testnet took place with Beacon Chain, with Sapphire, in April. It used smaller 3.2 ETH deposits.
The full 32 ETH nodes went live in May on the Topaz testnet and staking rewards were issued.
“Prysmatic Labs have conducted most of the previous testing. The Prysm ETH 2.0 client was successfully audited last week by blockchain security and auditing firm Quantstamp. A weekend blog post by Prysmatic confirmed that its developers are “so close” to launching a final multi-client public testnet,” according to a Cointelegraph report.
“Ethereum has faced increased pressure recently from a surge in stablecoin issuance and the DeFi boom. Gas usage and network fees have skyrocketed to record levels leaving the platform open to criticism from its detractors,” the report added.