The final Ethereum 2.0 public testnet is set to launch in two weeks, as the rise of DeFi and stablecoins puts existing network under increasing pressure.

According to the platform’s launch coordinator, Danny Ryan, we’re just two weeks from the launch of the Ethereum 2.0 final testnet, bringing the much anticipated Ethereum 2.0 network upgrade a step closer. 

Ethereum 2.0: from Proof-of-Work to Proof-of-Stake

On the testnet’s Discord discussion board, Ryan revealed that, “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.”

Phase 0, which has been running on several testnests since April, when the genesis block was created for Beacon Chain. It is the first stage in the upgrade from Proof-of-Work to Proof-of-Stake and should significantly increase transaction speeds on the blockchain.

Instead of relying on miners, the Proof-of-Stake ETH 2.0 will ensure security with users staking at least 32 ETH to run a validating node.

Public testnet for Beacon Chain nears launch

With Prysmatic Labs conducting most of the testing, Beacon Chain went live on the initial testnet, Sapphire, in April using 3.2 ETH stakes, with the full 32 ETH nodes, and staking rewards, going live on the Topaz testnet in May. 

In June the Onyx testnet went live, and boasted around 20K validators by the month’s end. This was followed by the Altona coordinated multi-client testnet in early July, in preparation for the public testnet. 

If all goes well with the final public testnet, set to launch on 4 August, Ethereum 2.0 could launch as early as 4 November. 

Why Ethereum 2.0 is urgently needed

With the recent DeFi boom, and a massive increase in the issuance of stablecoins, the Ethereum network is under rapidly rising pressure, with gas usage and network fees rising unsustainably – putting critical pressure on the platform architecture. 

In the short-term Layer 2 scaling solutions offer a way to mitigate the issues, but when all is said and done, the shift from Proof-of-Work to Proof-of-Stake that Ethereum 2.0 offers is the only realistic way forward. 

AYO.NEWS says:

The pressure is on for those working on the Ethereum 2.0 upgrade, with many fearing it won’t come soon enough, and competing blockchains like Tezos and Cardano snapping at Ethereum’s heels. However, it seems Ethereum co-founder Vitalik Buterin remains confident the upgrade will take place this year. 

Staying with Ethereum, in May it emerged that international payments giant Visa had filed a patent for an Ethereum-based “Digital Fiat Currency.”

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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