Ethereum Update, ETH Developers Prepare to Launch Holesky Update

The latest Ethereum upgrade. (Photo; Doc. Unsplash)

JAKARTA - The recent Execution Layer meeting between the Ethereum Foundation and core developers resulted in a number of important resolutions regarding network testing. This latest update relates to the release of Devnet-8 and the Holesky testnet, both of which played a central role in testing Cancun's enhancements to the Ethereum network.

Devnet-8 offers the necessary test platform to validate the effectiveness of the Cancun upgrade. At this gathering, Parithosh Jayanthi, a DevOps fellow at the Ethereum Foundation, provided an update on Devnet-8 developments and the Holesky testnet.

“We would like to introduce a test update from Devnet-8 and Holesky update (We tested 1.4 million validators and more than 1 billion Ether on the network and would like to propose the same for Holesky),” said Jayanthi, quoted from TheBitTimes.

This information comes as a result of a discussion led by Tim Beiko, a core developer of Ethereum, covering various topics related to network development. Jayanthi revealed that a significant update of the Devnet-8 as well as the Holesky testnet should be delivered.

One of the most notable news stories is the planned launch of the Holesky mainnet, which is expected to occur around September 15, 2023. It is anticipated that this upgrade will replace Goerli's role as infrastructure staking and testnet protocol developer.

However, in the wider crypto market environment, Ethereum is also affected by price movements. Along with the sell-off in the US financial markets and the news about the sale of Bitcoin holdings by SpaceX, the crypto market faced a bearish cycle around August 18, 2023.

When we look to the future, the price of Ethereum may experience higher volatility in the coming months. This relates to recent developments regarding the possible approval of an Ethereum-based Exchange-Traded Fund (ETF).

Speculation has previously indicated that the US Securities and Exchange Commission (SEC) will likely grant approval for an Ethereum-related futures exchange-traded fund (ETF). These events have the potential to have a significant impact on price trends and trust within the Ethereum ecosystem.