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Ropsten, Rinkeby & Kiln Deprecation Announcement

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  • Reminder: the Gray Glacier upgrade is scheduled for block 15,050,000, expected June 29, 2022
  • The Kiln Merge testnet, launched earlier this year, will be shut down shortly after the Ethereum mainnet’s transition to proof-of-stake.
  • Ropsten, Ethereum’s longest-lived proof-of-work testnet, has transitionned to proof-of-stake. It will be shut down in Q4 2022.
  • Rinkeby, a geth-based proof-of-authority testnet, will not transition to proof-of-stake and will be shut down in Q2/Q3 2023.

Ethereum has many testnets for users and developers to test things on before interacting with mainnet. These are effectively copies of the Ethereum mainnet on which Ether and other tokens have no value. They allow application, tooling, infrastructure and protocol developers to deploy changes to their products (or the protocol itself!) in a low stakes environment, before moving to mainnet.

That said, because testnets are full-featured blockchains, their history and state grow over time. This eventually makes them harder to run nodes on and to maintain. For this reason, some testnets are periodically sunsetted. This happened last year with the Pyrmont Beacon Chain testnet and more recently with the Kovan execution layer testnet.

With The Merge approaching, client developers have decided to deprecate more testnets in order to focus their efforts on properly maintaining two of them over the long-term: Goerli and Sepolia.

The Kiln, Rinkeby and Ropsten testnets are now being deprecated.

Testnet Shutdown Timeline

While these three testnets are now considered deprecated, users and developers still have time to plan their migration before they are completely shut down. Kiln, Ropsten and Rinkeby will be shut down according to the schedule below.

Kiln: After Mainnet Merge

The Kiln testnet, launched in 2022 to provide a post-merge testing environment, will be shut down shortly after the Ethereum mainnet’s transition to proof-of-stake, expected in the second half of 2022.

Developers should not use Kiln as a long-lasting testing environment. It is expected to be the first testnet to be shut down after The Merge happens on the Ethereum mainnet.

Ropsten: Q4 2022

The Ropsten testnet, which ran through The Merge on June 8, 2022, will be shut down in Q4 2022.

Developers who currently use Ropsten as a staging/testing environment should migrate to Goerli or Sepolia.

Rinkeby: Q2/Q3 2023

The Rinkeby testnet will not run through The Merge. It is being replaced by Sepolia, and will be shut down roughly one year after Sepolia has transitioned to proof-of-stake, around Q2/Q3 2023.

Once the Ethereum mainnet transitions to proof-of-stake, Rinkeby will no longer be an accurate staging environment for mainnet. A list of changes introduced by The Merge that application developers should be aware of is available here. Again, note that these changes will not be deployed to Rinkeby.

Developers who currently use Rinkeby as a staging/testing environment should prioritize migrating to Goerli or Sepolia, and projects who are affected by Ethereum’s transition to proof-of-stake should aim to do so as soon as possible.

Goerli & Sepolia

The two testnets which client developers will maintain post-merge are Goerli and Sepolia.

The Goerli network will merge with the Prater Beacon Chain testnet. A new Beacon Chain has been created to transition Sepolia to proof-of-stake.

Goerli’s Beacon Chain will remain open for users wanting to run a testnet validator. Sepolia will operate with a permissioned validator set, similarly to how some testnets work today. Stakers wanting to test protocol upgrades before they are deployed to mainnet should therefore use Goerli.

Goerli also has a strong community and a lot of existing infrastructure supporting it. Its state is the closest to mainnet, which can be useful for testing smart contract interactions.

Sepolia, on the other hand, is fairly new, meaning its state and history are both quite small. This means the network is quick to sync to and that running a node on it requires less storage. This is useful for users who want to quickly spin up a node and interact with the network directly.

Summary

In short, Kiln, Ropsten and Rinkeby are now deprecated. While Kiln and Ropsten have already transitioned to proof-of-stake, Rinkeby will not run through this upgrade.

After The Merge happens on mainnet, Kiln will be sunset. Then, by the end of the year, Ropsten will be as well. Roughly one year after Sepolia has transitioned to proof-of-stake, around Q2/Q3 2023, Rinkeby will be turned off.

Two testnets, Goerli and Sepolia, will be maintained going forward. Goerli is recommended for stakers to test protocol upgrades and developers who want to interact with a large existing state. Sepolia is recommended for users and developers who want a lighter weight chain to sync to and interact with.

To everyone who has helped run, maintain or support these networks, thank you!


Header photo by Karl Hedin.



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Ethereum

Harmony hacker sends stolen funds to Tornado Cash mixer

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The funds from Harmony’s Horizon Bridge have begun to move into the Tornado Cash Ethererum mixer, signaling that the attacker has no intention of accepting the $1 million bounty offered.

The decision to obfuscate the ill-gotten gains answers questions about whether the Harmony team’s offer of just 1% of the $100 million in crypto funds stolen on Friday would be enough to convince the exploiter to return them.

A total of 18,036.3 Ether (ETH), worth about $21 million, was moved out of the Horizon Bridge exploiter’s primary wallet at 03:10 am EST on Tuesday. These funds were then divided equally three ways and sent to three different addresses in single transactions, respectively, over the next 10 hours.

Tornado Cash supports mixing a maximum of 100 ETH at a time, which means large sums can easily take several hours to mix. Mixing ETH is a privacy measure designed to obfuscate the transaction path of coins so they cannot be traced back to previous transactions.

The first and second wallets that received ETH from the exploiter’s primary wallet have completed mixing the coins and are now left with about 16.3 ETH collectively, an amount likely too small to bother with.

The third wallet was busy sending batches of 100 ETH to Tornado in eight-minute intervals and still had 2,800 coins remaining as of the time of writing.

Cointelegraph has not received a reply from the Harmony team on what it plans to do to replace the stolen funds in the bridge.

The project’s Twitter account reaffirmed on Monday that the team was working with “two highly reputable blockchain tracing and analysis partners,” along with the United State Federal Bureau of Investigation, to investigate the hack.

About $80 million in ETH is still in the explorer’s primary wallet. They could possibly return a portion of the stolen funds to Horizon, or they may be taking a break as it has taken the exploiter over 13 hours to mix just $21 million.

Although the initial haul was valued at about $100 million at the time, positive ETH price fluctuations have increased the dollar value to $101.5 million.

Stephen Tse, founder of Harmony, confirmed on Saturday that the exploiter took control of the required two Horizon Bridge signees for the multisignature address used to secure funds. He noted that the Ethereum side of the bridge affected by the exploit was moved to a more secure multisig wallet that required four signees.

Related: Axie Infinity to compensate Ronin exploit victims and relaunch bridge

Horizon is the latest in a growing list of token bridges that have been attacked. The largest token bridge to be hacked was Poly Network in 2021, which lost $610 million that was almost entirely returned.

In total, over $1 billion has been extracted from the Meter, Wormhole, Ronin and now Horizon token bridges through nefarious means in 2022 so far.



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Ethereum

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

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Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started.

Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand.

Daily cryptocurrency market performance. Source: Coin360

Another sign that traders are purchasing comes from Glassnode comments suggesting that the 30-day average change in the supply kept on exchanges plummeted by 153,849 Bitcoin on June 26, the largest ever in history.

Could bulls continue their purchases on dips and form a higher low? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $22,000 on June 26, indicating that the sentiment remains negative and traders are selling on minor rallies. The bears will try to pull the price to the psychological level of $20,000.

BTC/USDT daily chart. Source: TradingView

If the price rebounds off $20,000, it will suggest that bulls are accumulating on dips. That could keep the pair range-bound between $20,000 and $22,000 for a few days.

The first sign of strength will be a break and close above the 20-day exponential moving average (EMA) ($22,890). That could open the doors for a possible rally to the 50% Fibonacci retracement level at $24,693.

This level could again act as a resistance, but if bulls overcome the barrier, the BTC/USDT pair could rally to the 50-day simple moving average (SMA)($27,150). The bulls will have to push the price above this level to indicate that the pair may have bottomed out.

ETH/USDT

Ether (ETH) reached the 20-day EMA ($1,300) on June 26 but the bulls could not push the price above the resistance. This suggests that the bears are not willing to surrender their advantage easily.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level, the bears will try to pull the ETH/USDT pair to $1,050. This is an important level to watch out for because a break below it could suggest that bears are in control.

Conversely, if the price turns up from the current level or rises from $1,050, the bulls will try to propel the pair above the 20-day EMA. If they manage to do that, the pair could rally to the breakdown level of $1,700. A break and close above this resistance could indicate the start of a new uptrend.

BNB/USDT

BNB has been clinging to the 20-day EMA ($241) since June 24. This suggests that the bears are defending the level but the bulls have not yet given up as they anticipate a move higher.

BNB/USDT daily chart. Source: TradingView

If buyers thrust the price above the 20-day EMA, the BNB/USDT pair could rally to the 50-day SMA ($277). This level may again act as a stiff hurdle but if crossed, the pair could attempt a rally toward $350.

Conversely, if the price turns down from the current level, the pair could drop to $211. This is an important level to keep an eye on because a rebound off it will suggest that bulls are attempting to form a higher low. But if the level cracks, the pair could retest the vital support at $183.

XRP/USDT

Ripple (XRP) broke and closed above the overhead resistance at $0.35 on June 24 but the bulls could not clear the barrier at the 50-day SMA ($0.38). This suggests that the bears are defending the level aggressively.

XRP/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not allowed the price to dip back below the 20-day EMA ($0.35). This suggests buying on dips. If the price rebounds off the current level, the bulls will again attempt to push the price above the 50-day SMA.

If they can pull it off, it will suggest that the downtrend could be weakening. The XRP/USDT pair could then rise to $0.45.

Another possibility is that bears pull the price back below $0.35. If that happens, the pair could slide to $0.32 and then to $0.28.

ADA/USDT

The buyers pushed Cardano (ADA) above the 20-day EMA ($0.50) on June 26 but the long wick on the candlestick shows that bears aggressively sold at higher levels.

ADA/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not given up ground and are again attempting to clear the overhead hurdle at the moving averages. If they succeed, the ADA/USDT pair could rise toward $0.70 where the bears may again put up a strong defense.

If the price turns down sharply from this level, it will suggest that the pair may remain range-bound between $0.40 and $0.70 for some more time.

This positive view could be negated in the short term if the price turns down from the current level and breaks below $0.44. That could pull the pair to $0.40.

SOL/USDT

Solana (SOL) has been stuck between the moving averages since June 24. This suggests that bears are selling on rallies to the 50-day SMA ($43) and bulls are buying on dips to the 20-day EMA ($38).

SOL/USDT daily chart. Source: TradingView

The moving averages are close to a bullish crossover and the relative strength index (RSI) is near the midpoint, suggesting that bulls are attempting a comeback. If buyers propel the price above the 50-day SMA, the SOL/USDT pair could rise to $60.

This level may again act as a stiff resistance but if bulls clear this hurdle, the momentum could pick up. On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that bears have overpowered the bulls. The pair could then slide to $33.

DOGE/USDT

Dogecoin (DOGE) broke and closed above the 20-day EMA ($0.07) on June 25. The buyers extended the recovery on June 26 and pushed the price to the 50-day SMA ($0.08) but the long wick on the candlestick suggests that bears are defending the level with vigor.

DOGE/USDT daily chart. Source: TradingView

The buyers are again trying to push the price above the 50-day SMA. If they manage to do that, the DOT/USDT pair could rally to $0.09 and then to the psychological level at $0.10. This level could again act as a resistance but if bulls overcome this barrier, the momentum is likely to pick up.

Alternately, if the price fails to sustain above the 50-day SMA, it will suggest that bears continue to sell on rallies. The bears will then try to pull the price back below the 20-day EMA.

Related: Dogecoin price could rally 20% in July with this bullish reversal pattern

DOT/USDT

The bears have been aggressively defending the 20-day EMA ($8.11) in Polkadot (DOT) since June 24 but a positive sign is that bulls have not given up much ground. A tight consolidation near a resistance usually resolves to the upside.

DOT/USDT daily chart. Source: TradingView

If buyers drive the price above the 20-day EMA, the DOT/USDT pair could rise to the 50-day SMA ($9.13). This level may again act as a hurdle but the likelihood of a break above it is high. If that happens, the pair could rally to $10.75.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that bears are active at higher levels. The sellers will then try to pull the pair below $7.30 and challenge the crucial support at $6.36.

SHIB/USDT

Shiba Inu (SHIB) broke above the 50-day SMA ($0.000011) on June 25 but the bulls could not continue the recovery. The bears sold near $0.000012 on June 26 and are trying to pull the price back below the 50-day SMA.

SHIB/USDT daily chart. Source: TradingView

The 20-day EMA ($0.000010) has started to turn up gradually and the RSI is in the positive territory. This suggests that buyers have a slight edge. If the price rebounds off the current level or the 20-day EMA, the bulls will again attempt to resume the up-move.

If the price rises above $0.000012, the SHIB/USDT pair could rally to the overhead resistance at $0.000014. This positive view could be negated in the short term if the price turns down and plummets below the 20-day EMA.

AVAX/USDT

Avalanche (AVAX) has been stuck in a tight range between the 20-day EMA ($20) and the overhead resistance at $21.35 since June 25. This suggests indecision among the bulls and the bears.

AVAX/USDT daily chart. Source: TradingView

The 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests an equilibrium between buyers and sellers. If bulls push the price above $21.35, the AVAX/USDT pair could rally to the 50-day SMA ($25). This level may act as a minor hurdle but if crossed, the pair may rise to $30.

This positive view could invalidate in the short term if the price turns down from the current level or the 50-day SMA and plummets below the 20-day EMA. That could open the doors for a possible decline to $16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.



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How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

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Ethereum’s native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the coming months.

ETH/BTC weekly price chart. Source: TradingView

ETH/BTC dynamics

The ETH/BTC pair’s bullish trends typically suggest an increasing risk appetite among crypto traders, where speculation is more focused on Ether’s future valuations versus keeping their capital long-term in BTC. 

Conversely, a bearish ETH/BTC cycle is typically accompanied by a plunge in altcoins and Ethereum’s decline in market share. As a result, traders seek safety in BTC, showcasing their risk-off sentiment within the crypto industry.

Ethereum TVL wipe-out

Interest in the Ethereum blockchain soared during the pandemic as developers started turning to it to create a wave of so-called decentralized finance projects, including peer-to-peer exchange and lending platforms.

That resulted in a boom in the total value locked (TVL) inside the Ethereum blockchain ecosystem, rising from $465 million in March 2020 to as high as $159 billion in November 2021, up more than 34,000%, according to data from DeFi Llama.

Ethereum TVL performance since 2019. Source: DeFi Llama

Interestingly, ETH/BTC surged 345% to 0.08, a 2021 peak, in the same period, given an increase in demand for transactions on the Ethereum blockchain. However, the pair has since dropped over 35% and was trading for 0.057 BTC on June 26.

ETH/BTC’s drop coincides with a massive plunge in Ethereum TVL, from $159 billion in November 2021 to $48.81 billion in June 2022, led by a contagion fears in the DeFi industry.

Also, institutions have withdrawn $458 million this year from Ethereum-based investment funds as of June 17, suggesting that interest in Ethereum’s DeFi boom has been waning.

Bitcoin struggling but stronger than Ether

Bitcoin has faced smaller downsides compared to Ether in the ongoing bear market.

BTC’s price has dropped nearly 70% to around $21,500 since November 2021, versus Ether’s 75% drop in the same period.

Also, unlike Ethereum, Bitcoin-focused investment funds have seen inflows of $480 million year-to-date, showing that BTC’s drop has done little to curb its demand among institutional investors.

Investment flows into/out of crypto funds by assets. Source: CoinShares

ETH/BTC downside targets

Capital flows, coupled with an increasing distrust in the DeFi sector, could keep benefiting Bitcoin over Ethereum in 2022, resulting in more downside for ETH/BTC.

Related: Swan Bitcoin CEO against crypto lenders: Users are way under-compensated for the risk

From a technical perspective, the pair has been holding above a support confluence defined by a rising trendline, a Fibonacci retracement level at 0.048 BTC, and its 200-week exponential moving average (200-week EMA; the blue wave in the chart below) near 0.049 BTC.

ETH/BTC weekly price chart. Source: TradingView

In a rebound, ETH/BTC could test the 0.5 Fib line next near 0.062. Conversely, a decisive break below the support confluence could mean a decline toward the 0.786 Fib line at 0.027 in 2022, down more than 50% from today’s price.

The ETH/BTC breakdown might coincide with an extended ETH/USD market decline, primarily due to the Federal Reserve’s quantitative tightenig that has recently pressured crypto prices lower against the U.S. dollar. 

Conversely, weaker economic data could prompt the Fed to cool down on its tightening spree. This could limit Ether and the other crypto assets’ downside bias in the dollar market, per Informa Global Markets.

The firm noted:

“Macroeconomic conditions need to improve and the Fed’s aggressive approach to monetary policy has to subside before crypto markets see a bottom.”

But given Ethereum has never reclaimed its all-time high against Bitcoin since June 2017 despite a strong adoption rate, the ETH/BTC pair could remain under pressure with the 0.027-target in sight.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



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