The Ropsten testnet successfully moved to the Proof-of-Stake (PoS) algorithm in its merger with Beacon Chain. This is an important step towards Ethereum’s complete transition from Proof-of-Work. The community is jubilant despite traders’ disappointing predictions about ETH.
The Ropsten testnet merged with Beacon Chain and officially switched to Proof-of-Stake. It happened on June 8. Although Ropsten’s testing will continue for a few weeks, the ETH community is already actively rejoicing on Twitter, noting the importance of this event for the entire cryptocurrency world.
Immediately after the merge, there were a few minor bugs, which the developers managed to fix without having to change the code quickly. The bugs involved several validators in the ETH 2.0 network and were resolved locally. Tim Beiko, one of the leading Ethereum developers, called the Ropsten merger “fantastic work” and congratulated “everyone involved” on the success.
According to Ethereum DevOps specialist Parithosh Jayanthi, the team intends to monitor the new network over the next few weeks. He urged Ethereum app developers to inform the team if “dapps/tooling does not work as expected.” Even before the merge, Tim Beiko urged developers to check the readiness of their products.
According to the Ethereum Foundation blog, the next step on the merge path will be for two more testnets, Goerli and Sepolia, to migrate to PoS and merge them with Beacon Chain. After that, the other two testnets, Rinkeby and Kovan, will no longer be controlled by ETH developers but completely taken over by the community.
The merge of Ropsten with Beacon Chain announced in advance took place literally live. This was preceded by a seven-block reorganization of the Beacon Chain network. EthStaker, a popular YouTube channel dedicated to discussing all things related to the transition to ETH 2.0, provided plenty of expert insight into the process, talking about the details and upcoming prospects for the merge. During the broadcast, musician Jonathan Mann performed a song whose lyrics focused on the Ropsten and Beacon Chain merge. The song became one of the NFTs in the singer’s Song A Day collection and was immediately listed on OpenSea and later purchased for 1 ETH. Mann’s second exclusive song about the Ropsten merge is still up for bid at the time of writing.
Metav3rse founder Roberto Nickson called what is happening a historic event, stressing that it “will be one of the most important events in crypto history.” However, the price of ETH barely reacted to the “historic” events — it has declined by 0.35% over the last 24 hours. It is about $1,796 as of 10:00 (GMT+3) on Friday, June 10, according to CoinMarketCap.
Several experienced traders predict a bearish trend for ETH. For example, skilled futures trader Peter Brandt suggested that ETH could fall 29% next month. He pointed to the so-called “descending triangle” in the ETH price chart, which is known to foreshadow a fall in the price, regardless of the previous trend. Another prominent trader Crypto Tony agreed that the bearish pattern is “too obvious.” However, the community still maintains a bullish sentiment.
The Ethereum blockchain project dominates the Web 3.0 sphere, according to a 2022 State of Crypto analyst report.
