Key Points
- Developers on the Ethereum network have launched the Mekong testnet for the upcoming Pectra upgrade.
- The Mekong testnet will include all Ethereum Improvement Proposals (EIPs) in the Pectra fork.
The Ethereum research and development team has initiated the first short-lived testnet for the impending Pectra upgrade, named the Mekong. This testnet is named after the Mekong River in Asia.
The Mekong testnet will incorporate all the Ethereum Improvement Proposals (EIPs) in the Pectra fork. This testnet will be an essential tool for web3 developers looking to experiment with user experience (UX) changes.
Mekong Testnet and the Included EIPs
The Mekong testnet is expected to include UX changes via EIP-7702, staking changes via EIP-7251, and modifications to the deposits and exit mechanisms via EIP-6110/ EIP-7002. As per the announcement, the Mekong testnet will be short-lived but will cover all the intended EIPs from the Pectra fork.
The Ethereum R&D team stated that minor spec changes or smaller EIPs might be seen, but the features included here will make it into existing public testnets and finally the Ethereum mainnet.
For the Ethereum network stakers, the R&D team announced that major changes expected through the Pectra fork will be first introduced to web3 developers through the Mekong testnet.
Effect of Mekong and Pectra Upgrades on the Ethereum Network
The Mekong testnet’s launch indicates that the next significant Ethereum network upgrade after Dencun, which reduced fees on layer two solutions, is in the works. The Pectra upgrade will further enhance web3 development on the Ethereum network, which has emerged as the leading smart contract chain.
The Ethereum network had a total value locked of about $53 billion and a stablecoins market cap of over $87 billion at the time of this report. Despite facing stiff competition from the Solana (SOL) network, which has around $6.6 billion in TVL and around $3.7 billion in stablecoins market cap, the Ethereum network remains a major gateway to the mainstream adoption of real-world assets (RWA) tokenization and web3 development led by institutional investors.
The Mekong testnet and the Pectra fork will play a crucial role in the overall adoption of Ether-based web3 products in the near term.
The Ether price against the US dollar has gradually gained bullish momentum fueled by the resounding victory of pro-crypto candidates in the recently concluded US 2024 elections, led by President-elect Donal Trump.
The large-cap altcoin, with a fully diluted valuation of about $339 billion and a daily average traded volume of around $36 billion, pumped over 7 percent in the last 24 hours to retest a crucial resistance level of about $2,820 on Thursday, during the early New York session.
A consistent close above $2,820 in the coming weeks will propel Ether’s price toward its all-time high akin to Bitcoin.
