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Ethereum Devs Complete Consolidation of Testnet Details as ETH Rises 14%

On July 28, leading Ethereum developer Tim Beiko announced the final details ahead of the final testing phase of Consolidation.

ETH developers have released final details for the network’s final dress rehearsal before the long-awaited Consolidation, and the asset is up 14%.

The latest proof-of-stake testnet transition will be on the Goerli testnet, the closest emulation of the Ethereum mainnet. The Goerli version of Beacon Chain is called Prater, and it will be merged with the testnet from August 6 to 12 in an upgrade called Paris, according to the announcement.

Before that happens, a pre-upgrade called Bellatrix needs to happen to prepare Prater for the Fusion with Goerl. This is expected to happen on August 4.

Ethereum: Final Preparations

The newsletter says there is only one more testnet left following several devnets, shadow forks and Merges on deprecated testnets.

It adds that node operators will need to update both their consensus layer and their implementation layer in parallel. Ethereum owners and investors will not need to take any action.

These changes only affect node operators and testnet participants. The real deal was slated for September 19, according to previous developer announcements. However, this may be delayed if there is a problem with the Goerli test phase.

Earlier this month, the ninth shadow fork went live to test maximum extractable value (MEV) growth.

Consolidation has been described as the biggest upgrade to Ethereum since its inception seven years ago. However, the transition to proof-of-stake was said to have happened several years ago, and the repeated delays have frustrated users and investors alike.

At the time of writing, there are already 13.1 million ETH staked on the Beacon Chain. This represents 10.7% of the total supply and is currently worth around $21.5 billion. The shares are currently enjoying 4.6% APY in ETH, but they won’t be able to withdraw until several months after the Consolidation.

ETH price up 14%

Ethereum price has rallied nearly 15% on the day, hitting an intraday high of $1,667 during the Asian session on Thursday morning.

Contrary to analysts’ expectations, the crypto market was unaffected by the Federal Reserve’s interest rate hikes and in fact rallied 9% on the day.

ETH price has increased by 47% in the past two weeks, but the asset is still down 66% from its all-time high in November 2021.