The Ethereum ‘Merge’ Takes Place Successfully on the Kiln Testnet
The Ethereum Foundation has stated that the “Merge” operation on the Kiln testnet was a success. This is the last public testnet before proof-of-stake is implemented later this year.
According to blockchain statistics on the Kiln testnet, Ethereum’s “Merge” occurred successfully. The event took place on March 15 and was hailed as a watershed moment by Ethereum’s developers. As a result, the beacon chain has been included into the Kiln testnet.
The Kiln testnet is the last public testnet before the proof-of-stake changeover, which is expected to occur later this year. This is a significant milestone for the Ethereum network, which is about to undergo some of the most significant changes since its founding.
Additionally, the Ethereum Foundation has requested that stakeholders conduct testing on Kiln to ensure a seamless transition. The creators said that they intended to provide an opportunity for the community to test their goods through the merging. According to an official Ethereum Foundation publication,
“Developers of applications and tools, node operators, infrastructure providers, and stakers are highly urged to conduct testing on Kiln to guarantee a seamless transition from current public testnets.”
Kintsugi, the previous testnet, will be deprecated in the next weeks. The Merge is also expected to occur on current proof-of-work testnets, like Goerli and Ropsten, before reaching the mainnet.
There have been no significant difficulties reported so far. One Ethereum core developer brought to our attention a small problem with a certain client combination, which is now under investigation.
Ethereum 2.0 is expected to have a significant impact
The ETH 2.0 transition has been ongoing for a lengthy period of time, occurring in phases. Numerous significant modifications have occurred along the road, not the least of which is the deployment of the beacon chain in 2020.
Analysts and investors have high expectations for Ethereum after the completion of the shift. The issue of ETH is predicted to decline by 90%, putting the asset into a deflationary state. Staking incentives for Ethereum will increase to around 10%, and millions of ETH will be locked up for months.
Perhaps more significantly, with so much talk about the energy consumption of PoW networks, Ethereum’s energy consumption will be reduced by 99.9%. As a consequence of all of this, the ETH price will benefit from increased purchasing pressure.