Launched in September 2023, Holesky, along with Sepolia, is one of Ethereum’s main testnets. It has played a pivotal role as a public testnet for staking, infrastructure, and protocol development.

The Holesky testnet experienced disruptions during the Pectra upgrade testing. Despite several weeks of recovery efforts, Holesky is now achieving finality. However, the validator exit queue is still congested, restricting its use in specific community testing scenarios. The time it takes for exiting validators to fully leave the validator set, approximately a year, makes Holesky impractical for Pectra testing. Still, the Ethereum Foundation emphasized in a recent blog post that other features will continue to be supported.

To manage this situation, a new testnet, Hoodi, has been introduced. Hoodi will activate the Pectra network upgrade on March 26, before the mainnet release expected in the second quarter. The foundation advises staking operators and infrastructure providers to use Hoodi for validator testing.

Developers have agreed to keep Holesky operational in the short term, potentially repurposing it as a core developer testnet for experiments such as gas limit increases and other protocol stress tests.

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The launch is planned in stages. March 6 will mark the official deployment of the testnet and the initiation of public access to the network. From March 6 to March 10, the emphasis will be on incorporating applications and infrastructure teams. This will allow developers to polish their deployments and acclimate to the MegaETH environment. Starting March 10, the user onboarding process will take off.

This testnet phase is a critical precursor to the mainnet launch of MegaETH. The project aims to support up to 100,000 transactions per second, with its design incorporating specialized nodes such as sequencers and provers, fine-tuned for peak performance.

The testnet will provide builders with 1.68 Ggas/sec computational capacity and 15 ms effective block times in single-threaded performance, as per the team’s statement.

In June 2024, MegaETH secured $20 million in a seed funding round, led by Dragonfly Capital. Notable participants included Ethereum co-founder Vitalik Buterin. This was succeeded by a $10 million round on the fundraising platform Echo. Additionally, in early February, the project garnered 4,964 ETH (equivalent to $13 million) through its popular NFT collection, “The Fluffle.”

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