In a landmark occasion crowning 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. After the mainnet merge, Ethereum will be a Proof of Stake blockchain.
The Ethereum Merge on Kiln Was a Success
Following the all-important event which took place on March 15th, 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 had 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), valued at over $26.7 billion USD at the time of writing, on the Eth 2.0 deposit contract.
Since the testnet launch, ETH has gained more than 6% in value and is now trading at $2,678.
The 24 hour price chart for 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 test phase.
Why You Should Care
The successful merge onto the Kiln testnet puts the Ethereum blockchain closer than ever to the final “merge.”