The truth is that the number of ETH bets on Ethereum 2.0 Testnet is about to approach a new high of almost two million.
Validator participation is increasing. As a result, the number of ETHs bet on Ethereum 2.0 Testnet is approaching 2 million tokens.
Indeed, during the launch of Ethereum 2.0 Testnet Medal on 4 August, the test network registered around 20,000 validators. However, the number of active validators has increased to over 62,000.
It should be noted, that this comes in the midst of the launch of Optimism Layer 2 for Ethereum and the DeFi TVL clock, which is priced at $17 billion.
What do the numbers say about Ethereum 2.0 Testnet?
According to the latest update, the validators have bet about 2 million tokens. Especially on the Ethereum 2.0 Testnet Medal test network.
The active validators are just over 62,000. With a network share of 104% in the last few hours.
ETH Layer 2 Testnet launched to give an optimistic shape
So, people are working to make Ethereum 2.0 a great success. But in addition to the Medal, the developers of Plasma Group have worked hard to reduce the activity load on the Ethereum core network.
In fact, known as „Optimism Layer 2“, the test network will find deployment in projects currently on trend. In order to, test the sizing capabilities of Ethereum.
On the other hand, Optimism is LMO, an execution environment compatible with the Ethereum Virtual Machine (EVM). Its purpose is to work outside the root chain to process data and transactions faster.
For this purpose, the Optimism Ethereum test network will be implemented in several phases, bringing the first users gradually. So that the team can support each project individually.
Specifically, Optimism is the only L2 solution for Ethereum. This means that you do not need to add any specific functionality to support the existing L1 protocols.
Similarly, the DeFi Synthetix protocol will take the initial opportunity to test Optimism. As such, it will offer 317.13 SNX in the process as a reward to its users for participating.
In addition, Synthetix indicated that the test network is open to the public, but not available for public contract deployment. As there will be errors that will have to be fixed first.
Total value blocked on DeFi-clocks
In addition to this, recent data point to a resurgence of US dollar deposits in decentralised finance protocols. According to the latest figures, the total blocked value (LTV) has exceeded $19 billion.
The recent increase comes after the decentralised Uniswap Exchange recorded around $2.3 billion in liquidity. A historic high for the Ethereum-based DEX.
In conclusion, Ethereum 2.0 is expected to be launched in November 2020. However, the official launch will only be the first phase of a phased rollout, which could extend into 2022.
I leave with this sentence from George Soros: „It doesn’t matter at all whether you are right or wrong. What matters is how much you win when you are right and how much you lose when you are wrong.