In a landmark occasion culminating years of development, the Ethereum Foundation has announced that the “Merge” successfully took place on the Kiln testnet.
Kiln is expected to be the final public testnet before Ethereum’s long-awaited transition from the existing PoW layer to a proof-of-stake network.
What is the Merge?
The “Merge” refers to the transition of Ethereum’s current proof-of-work (PoW) network layer to the “consensus layer” of the Beacon chain. At the mainnet merge, Ethereum will become a proof-of-stake blockchain.
Ethereum Merge on Kiln Was Successful
Following the all-important event which took place on March 15, Ethereum Foundation announced that “the network is now running entirely under proof-of-stake!” In addition, it advised Ethereum shareholders to begin testing on Kiln.
After the merge, Ethereum developer Tim Beiko reported that Kiln successfully passed the Ethereum Merge. He also noted that validators were already producing post-merge blocks containing transactions.
In anticipation of the transition, stakers have locked up over 10 million Ether (ETH), which is valued at over $26.7 billion at this time, on the Eth 2.0 deposit contract.
Since the testnet launch, ETH has gained more than 6% and now trades at $2,678.
The 24 hours price chart of Ethereum (ETH). Source: Tradingview
On the Flipside
While the testnet Merge was largely successful, Kiln Explorer reported that there were several errors relating to contract creation during the testing.Why You Should Care
The successful merge on the Kiln testnet puts the Ethereum blockchain closer than ever to the “merge.”
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Ethereum, Gas Fees & Updates, Ethereum (ETH), Kiln TestnetRead More
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