Before the Ethereum upgrade last year, scammers advertised the ETH test currency (ie GETH) on the Goerli test network as "Ethereum new currency", claiming that it could be sold at half price, and occasionally attracted a few leeks who did not know the truth and were deceived. At that time, I was curious, would someone really buy and sell GETH test coins without any hype value?

The timeline has been pushed to today, the whole chain interoperability agreementLayerZeroLaunched a public product, Testnet Bridge, and created an open market for ETH/GOERLI-ETH (GETH) with instant pricing. In other words, the GETH test coins you previously stored in the Goerli testnet address can now be exchanged for ETH on the Ethereum mainnet.

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Faucet to receive GETH

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Convert ETH to GETH

According to the official design, the initial price of GETH is set at $0.10, and two pools have been opened on the Ethereum main network and Uniswap on the Goerli test network, depositing 12,500 GETH, and ordinary users can join them as LPs to provide liquidity.

The Odaily query found that in less than a day, the Testnet Bridge began to increase. Currently, there are 4.91 ETH and 146,000 GETH in the main network pool; 5.05 METH and 157,000 GETH on the test network. In conversion, the price of GETH is currently about $0.05, which is half of the initial issue price.image description

ETH/GETH flow pool

If you think that you can make money easily in this way, it is unavoidable that the pattern is broken. When users convert their GETH in the test network to the main network ETH, they need to pay 600 GETH as the GAS fee-this level basically excludes small and medium players.

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Arbitrage discount

Another way of arbitrage is to transfer bricks between the centralized trading platform Lbank and Testnet Bridge(Note: Lbank will launch the GETH/USDT trading pair in 2021)image description

GETH transactions on Lbank

For developers, the biggest use of the Testnet Bridge launched this time is that they can conveniently buy and sell test coins on the chain in the future; for ordinary users, if they have to make a fortune, they can choose to register several social accounts in batches to receive faucet tests Coins, of course, it takes a long time to be successfully cashed out.