- The “Bellatrix” upgrade would take place on September 6 as per developers.
- The merge will eliminate the need for the energy-intensive mining process.
The blockchain community has not stopped talking about Ethereum’s move to a proof-of-stake consensus method. During a consensus layer call on August 11th, network core developers discussed potential dates for the Ethereum Merge. A couple of improvements, Bellatrix and Paris, need to be implemented in the blockchain before it can Merge into a proof-of-stake network.
The developers on the call said that the “Bellatrix” upgrade would take place on September 6 and the “Paris” upgrade would take place when the network’s hash rate reached a certain level, specifically a total terminal difficulty (TTD) of 5875000000000000000, which is expected to occur on September 16.
The terminal total difficulty has been set to 58750000000000000000000.— vitalik.eth (@VitalikButerin) August 12, 2022
This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine.https://t.co/3um744WkxZ predicts the merge will happen around Sep 15, though the exact date depends on hashrate. pic.twitter.com/9YnloTWSi1
Because of this news, Ether’s price surged, and it is now trading at a level not seen since May — over the $1900 zone. During the 11 August intraday trading session, ETH reached a peak price of $1927. After reaching an intraday high, the leading alt had a slight pullback that sent its price down around the $1800 range.
Intriguingly, Santiment statistics showed that trading activity for ETH has been on the rise from the month’s beginning. However, after the 11 August price spike, trading activity in ETH slowed. Over the last month, as talk of the Merge has heated up, the number of ETH wallets holding more than $10 million has increased.
There has been a recent uptick in the abundance of this subset of whales, after a 52% reduction in this index during the market collapse from April to June. Wallets holding over $10 million in ETH have increased by 38% since July 1. In addition, there has been a 7% increase in development activity during the last month.
🧑💻 With #Ethereum's final Testnet #merge Thursday, prices briefly jumped above $1,900. Developers confirmed that the much anticipated $ETH upgrade will happen on September 15th or 16th. Social volume will dictate price volatility leading up to the event. https://t.co/Zal1XWfILO pic.twitter.com/jMmeqr9dah— Santiment (@santimentfeed) August 12, 2022
In the wake of recent discussions, Merge has become the most-discussed cryptocurrency, with a social volume all-time high of 11,381. However, ETH’s social dominance increased to 16.17% before falling by 22%. With the date coming to closure, the price is likely to fluctuate over the next several weeks.
Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) has concluded with the third and final testnet merging, known as Goerli. Testnets exist in the cryptocurrency ecosystem so that new features and improvements to the blockchain may be checked out without having an effect on the main network.
The Ethereum blockchain will be far more scalable and environmentally friendly if the PoS paradigm is adopted, eliminating the need for the energy-intensive PoW crypto mining process. PoS, in other words, will speed up both the creation of new currencies and the verification of crypto transactions.
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