The formal countdown to “The Merge” began early on Thursday morning. Engineers successfully tested Goerli, the final dress rehearsal for the Ethereum community, as the network prepares to transition from proof-of-work to proof-of-stake consensus.
Goerli, a testnet for developers before launching their blockchain apps on the mainnet, is the third and final phase of the three public testnets before the merging. The Goerli testnet consisted of a two-step procedure that ended in the testnet merging being successfully conducted at around 1:45 a.m. UTC after reaching a Terminal Total Difficulty (TTD) of 10,790,000. The Goerli and Prater testnets have combined, thereby converting the execution layer client to proof of stake.
The Ethereum community has successfully operated Ropsten and Sepolia, the two other test networks, for less than three months, increasing the likelihood that the merging will go live before the end of the year, with a tentative date of September 19. The merge involves the Ethereum Mainnet merging with the Beacon Chain proof-stake System, signalling the end of the Proof Of Work consensus.
The Merger Not Already Priced?
As The Merge approaches, investors have begun taking market positions with mixed views. Before the Goerli merger, the price of Ether increased by more than 10 percent on Wednesday, with further rises on Thursday. During the last two months, whales have been collecting Ether hoping the merger would boost prices.
Vitalik Buterin, a co-founder of Ethereum, claimed in a recent interview that the market has not yet priced in the integration. “Once the merger occurs, morale will skyrocket. Buterin said in the EthCC 2022 Experience podcast, “I think the merger is not priced in.” Nonetheless, he emphasised that the upgrade would drastically alter the mindset of crypto investors, noting that the conclusion of the merging would have a beneficial effect on the price and performance of Ethereum.
At press time, Ethereum was trading at $1,905 after rising over 4% over the last 24 hours, with traders now concentrating on the $2,500 resistance level.
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