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Almost 2 Million Test Ethers Are Now Staked On ETH 2.0 Medalla

09/28/2020

Almost 2 million test ethers have been staked on ETH 2.0 Medalla testnet and the active validators have increased about 63% to more than 62,000 in the past month as we are reading more in the latest ethereum news.

The validator participation in the ETH 2.0 Medalla testnet is increasing and with the growing number of them, there are now almost 2 million test ethers staked which are staked on Medalla. This comes during the launch of the Optimism Layer for ETH and DeFi TVL hitting $11 billion. According to the latest update, the validators have staked a little over 2 million Goerli test tokens on the ETH 2.0 Medalla test net and the active validators are over 62,000 with the network participation ranging between 72 percent to 80 percent over the past day.

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Right now, over 2 million test ETH tokens are eligible for voting, and little more than 1.5 million Ethers have voted to validate medalla. According to the latest update on the ETH staking, more than 38,000 participants had plugged in more than 1.1 million Goerli Ethereum tokens while since then the validator participation has increased to 63% in one month. As seen above, there are people who are actively working to make ETH 2.0 a huge success but besides Medalla, the Plasma Group developers have been hard working to reduce the activity load on the mainnet of ethereum.

Dubbed as Optimism Layer 2, the testnet will find deployment over the trending projects to test ETH scaling capabilities. In its entirety, Optimism is OVM which is a fully-featured ETH Virtual Machine complaint execution environment with the goals to work off the root chain to process the data and transactions faster. Optimism is the only L2 solution for Ethereum which means that it doesn’t need to include specific functionality to support the current L1 protocols. DeFi protocol Synthetix will take the start shot at trying Optimism and in the process will offer about 200,000 SNX in rewards to the users that will participate. Synthetix said that the test net is open to the public but it is not available for the public contract deployment.

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The recent data points out to a resurgence in USD deposits in the Defi space and the latest numbers show that the total value locked topped $11.13 billion. The recent increase in activity comes after Uniswap hit $2.3 billion in liquidity and it made it the top Defi project with about 19% dominance. Defi lending projects Aave and Maker are also trailing closely behind Uniswap with $1.95 billion and $1.53 billion in USD deposits.