- This is bad for the network and testers
- But the developers came up with a solution
The price of the GETH utility token (the coin of the Goerli testnet) jumped sharply to $1.60 on Saturday. This was due to speculation after the asset entered the market.
Recall that recently the LayerZero protocol proposed a way to change GETH between the Ethereum mainnet and the Goerli testnet. Testers need this to make it easier to buy tokens. Before that, they had to request them from the testnet developers or faucets.
As critics feared, monetization of the utility token has led to speculation. Traders started buying up an asset that essentially has no value and is only needed to serve the testnet.
At the beginning of the launch, the token exchange rate was $0.15. On Saturday, it momentarily rose to $1.60. Now the price has already fallen, but it is still too high ($0.37).
High GETH prices are not only a big cost for testers. The fact is that most of the test ethers are in the hands of validators. And if they want to sell all the coins, it will add risk to the network.
“This is the beginning of the end of the Goerli testnet. My faucet gave away about 6 million GETH for free. Now they are worth about $4 million. My RPC node has served over 100 billion requests. Both are not working now. I will miss Goerli” says Polygon spokesperson Mudit Gupta.
Ethereum developers offered one of the options on how to solve the problem. They plan to launch a new Holli testnet. The purchase of “test ether” here will not be carried out on the secondary market.
