StakeWise Announces Successful Migration to the Medalla Testnet

Time flies when you’re having fun!

As we pushed updates and grew our community to the first 150 users, there was a lot of fun to be had, but it also meant that a month went by without a Medium update. So without further ado, let us report on the most important bit of our progress in the past month — the Medalla Migration!

Migration to the Medalla Testnet

Ah, Medalla — the Testnet that Ethereum fans all over the world so eagerly anticipated. Designed to be the Testnet to rule them all, Medalla is the final rehearsal before the launch of Phase 0. Its main idea is to offer as close a simulation of the Mainnet as possible, and hence, we couldn’t miss an opportunity to test-drive StakeWise in such real world conditions.

So on August 2nd, we announced that StakeWise has officially migrated to the Medalla Testnet, and offered our users to make their mark in the history of Ethereum 2.0 by sending deposits into Genesis with StakeWise:

The first block on Medalla was officially minted on August 4th. It was a huge moment for everyone working on the development of Ethereum 2.0 ecosystem, including us. Worldwide participation was very high, with over 20,000 validators being registered by the time of the launch. The event was live-streamed as thousands of people watched the last iteration of what will become the future of Ethereum go live on PCs and servers all over the world. The stakes (no pun intended) were very high, especially for us as the only staking platform with live beta on Medalla.

The launch was a success for the wider network, as Medalla achieved finality immediately and is so far running stable at over 70% participation rate. Yet many experienced problems with client bugs, including us. However, with a heroic effort of our development team to fix the problem in very short time frames, we managed to quickly stabilize our attestations. By Friday 7th, we achieved 100% attestation rate as we updated security systems, improved our resource effectiveness and worked out a risk management procedure to prevent this event from happening ever again. You can read our full analysis of what went wrong and how we dealt with it here.

Where does StakeWise stand one week from the launch of Medalla? Having worked out initial growing pains, we are proud to say that we are working like a well-oiled machine and have achieved the following stats:

One of our validators is also in the top 3 of over 20,000 validators in total, having earned a slashing reward! Congrats validator 13575 🥳.

So overall, we would describe Medalla migration as a successful one for us, because we 1) have the most registered validators in the Testnet, 2) are the only live staking product in the Testnet, and 3) proved to ourselves and our users that we can react quickly and effectively to the curve-balls thrown at us in the dynamic environment that is Ethereum 2.0 development.

We look forward to seeing you join our ranks in the beta:) Happy staking!

With ❤,

Stakewise Team

What is StakeWise?

We are a platform that makes staking Eth2 effortless. With us, you can pool with strangers, stake with friends and spin up a solo non-custodial validator all with a few clicks. Maximize your returns with our highly secure & stable infrastructure. Join Beta now, visit our Discord and Telegram to claim your sign-up bonus and follow us on Twitter for updates!