If you are curious to find out, in the last month Ethereum miners earned at least 600% more than the ones mining Bitcoin, and this happened while ETH is 350-375$, and BTC is worth 10500-11300$. Just how crazy is all this situation? ETH fees were trailing BTC ones until the middle of June, when Compound launched its token. After that DEFI unleashed all its fury, and ETH gas fees outpaced the ones on Bitcoin.
On October 1, the first ETH testnet launched, Spadina, failed due to “critical peering issues,” as we find out from Danny Ryan. The same issue like in the previous month, stakers picking Prysm over the four other available Eth 2.0 clients was also the issue behing the crash during August’s Medalla testnet.
Before Ethereum 2.0 goes live, the project team said that a new contract will be created on the current Ethereum blockchain to receive deposits of 32 ETH. Only once this contract accumulates a minimum of 524,288 ETH, which is worth roughly $181 million at time of writing, only then will the new Ethereum blockchain officially kick-start at midnight UTC the following day.
Until then, the second testnet, named Zinken, will launch Oct. 12 at 12:00 UTC. Not much is expected from this move, but they are just looking for alternatives, just in case. Personally, i think there will be some bumps during this transition towards ETH 2.0, especially because this contract transforming ETH into ETH 2.0 is some kind of burn, once the funds are locked.
We can only hope that everything will be sorted out eventually, and everything will start to grow even further.
Yours truly,
G.
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