- The anticipated ETH 2.0 promises big transaction throughput, safety, ease of use, and resilience.
- ETH 2.0 launch date is getting nearer as the development group gets ready to release the Spadina testnet for deposits.
- Network activities are going up as the release of Serenity is getting nearer; the pricing rally is anticipated, too.
ETH is a popular platform for non-centralized start contracts. From its release, the network brought a number of crypto ventures. But, with success arrived the obstacles and management. For ETH, the burden came with side-projects that are at the moment being done on the distributed leverage, making sure safety and reliability are in place. Similar to this, ETH saw some issues related to network congestion, scalability, transfer procedure periods, volumes, and the newest gas charge push.
Since these events, the network developers worked on an upgrade, Ethereum 2.0, to evolve the network and deal with the pressure it saw. Serenity is its other name.
The newest protocol will see Ethereum move from the Proof-of-Work (PoW) consensus algorithm to the Proof-of-Stake one. Similar important moments ETH 2.0 will bring are sharding to make sure that the network scales to be supportive of a capacity of over a thousand transfers per second (TPS) and a novel Ethereum Virtual Machine (EVM).
According to Danny Ryan, Serenity’s 5 key design features are non-centralization, flexibility, safety, ease of use, and longevity. It’s significant to bear in mind that Ethereum 2.0 has been made to be released in 3 steps. Step 0 is to see the light of day near the end of this year. Step 1 is scheduled for next year, and then Step 2 awaits us next year or in 2022.
Serenity launch soon with obstacles
People are not completely sure that ETH 2.0 will see the light of day soon, at least not the first step. People are highlighting the obstacles developers are encountering. But, the truth is, every decent venture is bound to see some problems, and postponing moments can be avoided via making sure developments are working hard. Moreover, Vitalik Buterin did not just bring us ETH – he is ensuring us all that the launch will happen on time.
Certain issues are the Medalla testnet, which did not perform as people thought when it showed up in August 2020. Part of Prysmatic Labs, Raul Jordan, told the community not to worry about Medalla faulty testnets postponing the release of Serenity. Medalla was to be the last testnet prior to step zero of Serenity, yet some lagging problems crashed it in August. Jordan said that the bug in question slashed over three thousand events and in-house validators but actually proved to be a good thing since such a thing happening on the mainnet would be really bad.
As it was stated in media, ETH devs will release another testnet, too. This one is named Spadina and will run simultaneously with Medalla. The test net aim will be the de[posits and genesis to prepare for the move that will occur at some moment. Danny Ryan, one of the devs, said that the aim was to secure another opportunity to go through one of the harder portions of the procedure, like deposits and genesis, prior to reaching the mainnet. If everything was to go down well, it would secure them some serenity and a good starting point for the mainnet.
Ryan also submitted an Ethereum Improvement Proposal for Serenity. The dev group working on ETH has 3 months now ahead of them. They need to come up with a great platform on time.
What happens to the price?
No doubt, Serenity is a huge deal that will shed new light on ETH. Also, the crypto marketplace knows a lot about speculating, so it will rally as the date for launching comes closer. The network also opens up the platform for ventures connected to Tron, EOS, Cardano, and similar (seeing the obstacles ETH faces). The blockchain action began to climb up with the developments connected to ETH 2.0.
Santiment reported a jump in dev activity on the ETH network correlated with growing pricing. Thus, as dev activity rallies because of the nearing release date of Serenity, Ethereum will probably surpass the mark of a thousand dollars.
ETH IOMAP Graph
At the time of publishing, ETH is trading at USD 364 after a weekend-high withdrawal of over $390. According to IOMAP, ETHUSD faces the most demanding resistance amid $365 and $376, a region where 634,570 addresses bought 10.53 million ETH. A break over this zone could quickly send Ethereum to highs over $400. The last time ETH traded more than USD400, the negative leg was extended to $489. Along with the release of ETH 2.0 nearing, this rally may stay undefeatable until over a thousand dollars.
Three-day ETH / USD Graph
From a tech point of view, ETH stands to go to $1,000 if the effect of the double-bottom trend on the three-day graph carries on as planned. Also helping the impressive thousand dollar breakout is that Ethereum is trading over the 50 Simple Moving Average. Moreover, the golden cross of the 50 SMA cross over the 100 SMA cements the existence of the bulls on the marketplace. If basic and tech cooperate, a thousand dollars seems like an underestimation.