Have you ever considered the impact of testnet tokens price hikes on blockchain app development? Recently, the Ethereum Goerli testnet’s token (GETH) experienced this phenomenon and inspired us to explore more ways to keep blockchain technology accessible to all.
How could a testnet token become valuable? In this case, the increase in the value of GETH occurred because a bridge between Ethereum mainnet tokens and Ethereum Goerli testnet tokens allowed users to trade ETH for GETH. Originally, the solution was designed to help blockchain developers easily obtain GETH without the need to use faucets; however, it had an unforeseen consequence – developers are now using ETH (a valuable cryptocurrency) to obtain GETH, leading to the hoarding and speculation of GETH, resulting in an increase in its price.
At Quant, we understand that building blockchain applications can be expensive and difficult and that a key part of the development process for building blockchain applications is to build against a testnet. The sparsity of GETH is now making it difficult to obtain the tokens required to test blockchain applications against Ethereum, and the cost of obtaining the token is making it more expensive and prohibitive.
Because our mission is to make blockchain applications as easy and efficient as possible, we decided to expand our testnet support to include the Sepolia testnet and provide Overledger users with an easier and cheaper option to using Goerli.
We also see this as an important step in anticipation of Goerli being sunsetted at the end of 2023, which has been widely reported.
How Quant can help
