- Node operators and ETHs stakeholders have been advised to take part in the Kiln Merger Testnet to identify any error, thereby ensuring a seamless transition of public testnets on Ethereum.
- Ethereum (ETH) exchanged hands around $2,685, having gained approximately 6 percent in the past 24 hours.
The Ethereum ecosystem is preparing for The Merge, which entails mainnet becoming a shard of the Beacon Chain and incorporating Proof-of-Stake (PoS), with the Kiln Merge Testnet. After years of waiting, the Ethereum community can see the final ages of high transaction fees and low throughput. Moreover, the proof of stake concept that has been tested by upcoming smart contract blockchains has proven to be more efficient than the proof of work concept.
According to the Ethereum Foundation, the Kiln Merge testnet is expected to be the last before the existing public testnets are upgraded. The Ethereum foundation noted in a blog post;
Like the Ethereum mainnet, Kiln’s execution layer was launched under proof-of-work in parallel to a Beacon Chain running proof-of-stake. The Merge happened on Kiln on March 15, 2022. The network is now running entirely under proof-of-stake!,
Node operators and ETH stakeholders have been advised to take part in the Kiln Merger Testnet to identify any error, thereby ensuring a seamless transition of public testnets.
The testnets are not expected to interfere with any existing contract on the Ethereum network, thus developers should not worry about getting involved.
The Merge will have only minimal impacts on a subset contract deployed on Ethereum, none of which should be breaking,
Reportedly, an Ethereum full node will be the combination of a consensus layer client, which runs proof-of-stake on the Beacon Chain, and an execution layer client, which manages the user-state and runs the computations associated with transactions, during post-merge.
Bigger picture of the Kiln Merger Testnet on the Ethereum ecosystem
The Ethereum ecosystem is preparing for what is depicted as an interstellar voyage, thus the ongoing ‘space ship’ development. Eth coin is expected to be the largest beneficiary of The Merger, which is expected to take place later this year.
As per our data, Ethereum (ETH) exchanged hands around $2,685, having gained approximately 6 percent in the past 24 hours. The asset strongly holds its second position with a market value of $322.2 billion, with the third most valuable digital asset being Tether USDT with a market cap of $80.3 billion.
A clear testimony of Ethereum’s market dominance mostly from institutional investors seeking to venture into the DeFi ecosystem. As of reporting time, ETH had a market dominance of 17.2 percent, whereby the total crypto market cap stands at approximately $1.8 trillion.
For now, the Kiln Merger Testnet on the Eth ecosystem is expected to raise the community’s confidence in the upcoming Merger.