ETH Surges More Than 7% Following Ethereum 2.0 Final Testnet Launch Announcement

The crypto market looks great today, with most of the coins trading in the green. ETH surged by more than 7% following an important announcement.

At the moment of writing this article, ETH is trading in the green, and the coin is priced at $261.76.

Ethereum 2.0 network upgrade is closer

The other day it’s been revealed that the much-awaited Ethereum 2.0 network upgrade took a step closer to launch with a preliminary date revealed for the public testnet.

The platform’s launch coordinator, Danny Ryan (@djrtwo) shared the news on the testnet’s discussion board on Discord.

“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,”

Cointelegraph notes that there will be more details made public in the upcoming days.

The same online publication notes that “Phase 0 of ETH 2.0 has been running on various testnets since the genesis block was created for Beacon Chain in April.”

It’s also important to note that the Phase 0 is the first stage in the much-awaited upgrade to PoS and will dramatically increase transaction speeds.

“Instead of the current Proof-of-Work system which involves miners, ETH 2.0 will be secured by users putting up a minimum of 32 ETH stake to run a validating node,” Cointelegraph explains.

Ethereum is the dominant player among European blockchain startups

Not too long ago, Ethereum made headlines when it’s been revealed that it’s the dominant player among European blockchain startups.

London and Paris-based firm LeadBlock Partners said that Ethereum is emerging as the number one choice amidst blockchain startups in Europe.

“The report, which used data from a survey of more than 200 startups, reveals that 27% of enterprise blockchain startups and corporations in the EU that work on decentralized solutions rely on Ethereum. 20% use Hyperledger and 16% leverage Corda,” the Daily Hodl was noting a while ago.

Other than this, ETH enthusiasts expect more upwards price moves due to the strong fundamentals.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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