Ethereum Merge Now Has A Date, Price Jumps 12%


A specific deadline for moving to Proof of Stake has been provided by the Ethereum developers working to implement the merge.

Ethereum merge now has a history

The Ethereum mainnet is now scheduled to begin the integration process during the week of September 19, according to the latest remote developer. This will happen after switching the final test network before merging to PoS.

The adoption of the transition has been delayed on a number of occasions. The decisive transition of the Ethereum network from Proof of Work (PoW) mining consensus to Proof of Stake (PoS) is almost complete. During a conference call on Thursday, members of the Ethereum development team announced a timeline for a permanent merger.

Tim Beiko, the core Ethereum developer who is overseeing the protocol meetings, suggested September 19 as a viable date for the merger during the conference call. The core developers did not object to the planned target date. These professionals do their best to make sure the combo is successful.

Goerli testnet integration is expected in the second week of August. The Bellatrix update will then be released on the blockchain in early September, followed by the merge two weeks later.

The new merger date roughly corresponds to the timeline proposed by Vitalik Buterin in late August earlier this year.

Previously, a shadow fork on the mainnet resulted in 20% of nodes being shut down after its rollout, raising questions about the stability of the merger. After the Beacon chain underwent a deep 7-block reorganization in May, the price of Ethereum collapsed. Superphiz.eth, one of the Ethereum developers, spoke about the timeline for the merger and emphasized that the proposed target date should be seen as a roadmap rather than a hard deadline.

Sepolia’s Beacon Chain launched in June, paving the way for a Merge dress rehearsal to provide technical insights to developers on the Ethereum network. This process culminated with the incorporation of Sepolia into the network on July 7.

Switching to Proof of Stake (PoS) technology is expected to reduce power consumption by 99%. The first quarter of 2023 is the expected date for the implementation of retail, which greatly enhances the scalability of the network.

The PoS versus PoW debate has been going on for a while, with PoS proponents saying it is equally safe and more environmentally friendly. Opponents of PoW, such as Jack Dorsey, have criticized it as being centralized and insecure.

Related reading | The upcoming merger with ETH sees institutional investor sentiment turn positive

The news resulted in a 12% price jump.

Despite the continued bear market, investors have great confidence in the consolidation event, as evidenced by this morning’s increase of more than 10% in the second largest cryptocurrency. According to TradingView, the current price of one Ethereum token is $1,216. The day before, the trading volume was $19 billion. The value of Ethereum increased by 12.86% over the past day.

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ETH/USD jumps 12% following merger news. Source: TradingView

However, the success of the merger will still depend on how well it is implemented. The switch to PoS will undoubtedly be the biggest improvement to the blockchain since the Ethereum hard fork in 2016 that led to the emergence of Ethereum Classic. The value of the token has fallen by about 70% due to rising inflation and interest rates.

Due to the fact that it will make it easier to invest in the token, the merger is expected to have a good overall effect on the pricing of Ethereum. Additionally, the institutional attractiveness of ETH may increase by acting as a debt instrument thanks to the benefits of staking.

But only if the merge is successfully implemented. Since the hard fork in 2016 that led to the creation of Ethereum Classic, the switch to PoS likely represents the biggest change in the blockchain.

The recent market turmoil may have limited Ethereum’s ability to gain significant upward momentum. The value of the token has fallen by about 70% this year as a result of high inflation and interest rates.

Related reading | Tag: Ethereum holds major support, why should ETH overcome this hurdle

Featured image from Shutterstock, chart from TradingView.com





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