In an unexpected twist, Ethereum developers now have to buy Goerli ETH, which are Testnet tokens, based on recent events on February 26.
Goerli ETH rises to $2
According to a screenshot shared by a concerned user, Goerli ETH, at one point, changed hands above $2, falling to around $1 when posted on Twitter.
Ethereum, as a smart contracting platform, allows developers to launch dApps on DeFi, NFTs, and more. Considering the immutable nature of crypto transactions executed via smart contracts, developers need a sandbox environment to refine their creations.
Goerli Testnet on Ethereum provides a platform for developers anywhere in the world to test their dApps using the ETH test coin. Over the months, it has proven to be a valuable resource for developers.
In the Goerli Testnet, for example, the posted transactions are for testing purposes, even though the environment simulates the actual events on the mainnet. The transactions do not overlap and these two networks remain distinct. The key difference between the Ethereum mainnet and Goerli is that it uses a proof-of-authority consensus algorithm, while the former employs a proof-of-stake system. The ETH tokens issued here are freely issued to developers.
There are several ways users can connect to the Goerli Testnet using their hardware or software wallets, such as the MetaMask or Coinbase wallet. However, these tokens are typically issued every 12 hours, often at a rate of 0.1 ETH.
Also, most faucets require users to verify their identity before being placed in the queue to receive test ETH on Goerli. This is to prevent Testnet from being flooded by malicious actors.
Will development on Ethereum fall?
The fact that Goerli ETH tokens are now not technically “free” as designed should concern developers.
This could directly affect development, as creators who want to test their dApps will have to wait for prices to drop further if they need more coins.
The reason for this, some analysts point out, is due to speculators who have been hoarding the test token, hoping to exit when prices are higher to make a profit.
