Ethereum Launches Holešky Network to Support Staking and Development of Protocol
On Friday, September 15, the team behind the second largest crypto asset by market capitalization, Ethereum, launched a new testnet dubbed “Holešky.” In the report, the Ethereum developers outlined the roles of the Holešky network.
The developers stated that the new network will support the infrastructure and protocol development. They confirmed that Holešky will support the user to stake their digital asset more effortlessly.
Ethereum Launches Holešky Network
In the report, the Ethereum developers confirmed that Sepolia, a Proof-of-Stake (PoS) testnet, would be utilized in software development. Addressing the media, Tim Beiko, the Ethereum lead developer, stated that the initial supply of Ether locked on the Holešky network (HETH) would amount to $1.6 billion.
The Ethereum team plans to allocate the HETH to respective validators on the official launching of the new testnet to activate the network. Beiko admitted that the available HETH token surpasses the supply of Ether (ETH) by ten times.
He revealed that the team behind the HETH agreed to provide the tokens in large quantities to cope with the 10 billion supply usually produced by development networks.
At the initial development phase of the Holešky network, the developers used the Goerli testnet to assess the performance of staking and infrastructure developments. The testing aimed at ensuring the Holešky network performed effectively.
At that time, the Ethereum developers had raised concerns on the supply of Goerli ETH. They argued that the available Ether on Goerli could not cater to the testing needs. The challenges on the Goerli testnet forced the Holešky developers to increase the initial supply of HETH.
Review of Ethereum Major Developments
Despite the notable improvement made on Ethereum, the Goerli ranks as the oldest testnet on the network. Later, the Ethereum developer introduced Sepolia in 2021, aiming at supporting application development.
The Sepolia utilizes permissioned validator sets that increase the sync speed. After the launch of the Sepolia testnet, the Ethereum team urged the developers to leave the old network due to insufficient token supply that limited the creation of applications.
In a recent report, the limited supply of tokens on the Goerli network obliged the Ethereum team to seek ways to improve the testnet. They agreed to deprecate Goerli in 2024 to address the challenges.
Consequently, the Goerli network will be shut down entirely in late 2025. The winding down of Goerli will trigger the demand for Holešky to surge.
In the report after the launching of the Holešky, the Ethereum team will unveil a blockchain roadmap. In the subsequent significant development of Ethereum, the blockchain company plans on launching proto-dank sharding to reduce the cost of rollups.
The Ethereum team intends to launch Verkle trees to support data management and storage. Also, the team plans to embark on the Dencun upgrade, commonly known as Cancun-Deneb. This upgrade will focus on improving the Ethereum execution and consensus layers.
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