After the latest successful testnet on August 11, Ethereum developers are confident that the new Merge update will be launched on September 15 or 16.
Merge: Ethereum is about to move to the long-awaited Proof of Stake.
On Wednesday, August 11, Ethereum developers announced that the latest Goerli testnet has also successfully made the transition to Proof of Stake. This is the last of three planned tests, after Ropsten in June and Sepolia in July. The latter represents the last test before the official launch, which would see the day precisely a little ahead of schedule, on September 15 or 16.
In a Consensus Layer Call yesterday, the Ethereum developers responsible for the new project related to the launch of Merge, set a launch on the mainnet on that same date. Tim Beiko, head of the Ethereum Foundation later confirmed the update in a tweet, confirming the total target terminal difficulty figure.
– Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) August 11, 2022
This number refers to the difficulty required to mine the last block of Ethereum. At that point, the network will deactivate the Proof-of-Work and switch to the new, more sustainable Proof-of-Stake. An update called Bellatrix is expected to be released on September 6, and the second part of the merge, called Paris, is expected to take place precisely when the TTD reaches the decided number. The developers predicted that this could happen precisely between September 15 and 16.
This date, however, is not yet certain as a lot will depend on the network and what could happen during these weeks, since, as Ethereum developers have stated, their work will continue unabated to analyze possible bugs and problems in the network in preparation for the new update.
The effect of the update on the price of Ethereum
Ethereum’s move to Proof of Stake was talked about as early as 2014, but experienced continual delays until late 2020, when the first real work began to implement the new update in the network.
The fact that everything finally seems ready for its launch, the effects on the assets of Ethereum have been considerable, given that in recent weeks Ethereum has increased by almost 120%. since the lows under $ 1,000 marked in June, marking one of the best performances of the entire crypto market, even exceeding $ 1,900 with momentum in recent hours.
🐳 #Ethereum surged back over $1,880 after a positive #CPI report Wednesday. This 2-month high in price came with a major influx of $ETH transactions valued at $100,000 or more. This is happening in tandem with whale addresses appearing to be accumulating. https://t.co/1Wlpp7qlFh pic.twitter.com/HuEJPScD40
– Santiment (@santimentfeed) August 11, 2022
The analytics platform Sentiment has recorded a significant increase in addresses of whales accumulating ETH in portfolios in recent weeks. This would be another sign of a likely strong bullish price push in the coming weeks.