Ethereum Testnet, Ropsten to Face Consolidation(transition from proof-of-work to a proof-of-stake network) in Early June
In the late tweets from Ethereum, developers suggest that the Ropsten testnet might undergo a “merge” next month ahead of deployment on the main network. On June 8, the Ropsten “merge” is likely to take place, while the mainnet rollout is expected to happen later this year.
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The merge refers to Ethereum’s long-awaited transition from a proof-of-work to a proof-of-stake network. After the switch, stakers rather than miners would process and validate Ethereum transactions, resulting in a speedier and more “eco-friendly” network.
The planned transition is expected to occur in stages, First, the genesis version of the consensus layer is fabricated, and then the testnet (Ropsten) goes through the merge. The first part will take place on May 30, while the merge is estimated to take place on June 8.
Preston Van Loon, an Ethereum core developer at Prismatic Labs, wrote on Twitter, “Merging Ropsten is a big testing milestone towards Ethereum’s mainnet merge later this year.”
The Geth developer group actively maintains Ropsten, one of the various tenets developed by the Ethereum Foundation in 2017.
Because it has a comparable network structure to the Ethereum mainnet, this testnet is considered the best replication of ETH capabilities. This might ensure that developers perform realistic deployment testing before making changes to the mainnet.
Ethereum price action
According to CoinMarketCap, Ethereum has lost almost 3% in the last 24 hours, however, it is still trading near $2,000. As stated in the late data provided by IntoTheblock analytics, Bitcoin (BTC) and Ethereum (ETH) continue to maintain an extremely high correlation with the stock markets, with the 30-day correlation reaching as high as 0.9.
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Although, Cryptoanalysts Ali Martinez observes that further weakness in ETH might result in a drop to $700 as “transaction history shows that 2.24 million addresses bought 26.33 million ETH at $2,300.” Any signs of weakness might encourage these addresses to sell, which could see Ethereum drop to its most important support at $700, where 13.25 million addresses hold 13.1 million ETH.”
Ethereum currently trades at $1,937.
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