Wednesday evening is sure to end up in the history books of crypto, as Goerli, the third testnet out of Ethereum’s (ETH) triangle of testnests, has successfully switched to proof of stake (PoS). As a result, it has been confirmed that the highly anticipated upgrade is going to be rolled out according to schedule. Set to launch on September 19th, ETH 2.0, or “The Merge,” as publicly nicknamed by many crypto investors who are awaiting the big day, is getting closer.
Goerli testnet was successful for #ethereum!
The next big event for ETH is… moving the mainnet to proof of stake! LFG!!!!
Just 5 more weeks!
— Lark Davis (@TheCryptoLark) August 11, 2022
Ethereum (ETH) Has a Full Plate This Summer
The Goerli testnet’s switch to the new method had to be done in two phases. Firstly, the Bellatrix upgrade, needed to prepare the system for the switch, was done on August 4th. The second part, called “The Paris phase” was done last night. It switched the execution layer client, so that right after the upgrade kicks in, all of the new blocks on the chain are produced with the help of the Beacon Chain, running alongside Ethereum (ETH) 2.0.
Earlier this summer, the Ropsten testnet successfully launched the proof-of-stake mechanism. This was done in June, while just a month later, the Sepolia testnet also switched from proof of work (PoW) to proof of stake (PoS). Now, with the testnet puzzle fully completed, the twice postponed merge is likely to happen without any more delays.
Set to come in full swing in mid-end September, Ethereum’s “The Merge” will be the first out of a couple major upgrades to the second largest crypto asset. According to founder Vitalik Buterin, “The Merge” stands for 55% of Ethereum (ETH) blockchain completion.
The third and final Ethereum testnet before the long-anticipated Merge is now live
— Blockworks (@Blockworks_) August 11, 2022
Ethereum (ETH) Market Price Is on the Path of Resurgence
At press time, the second largest cryptocurrency by market capitalization trades at $1,884.07, according to CoinGecko. The king of the altcoins is having a great day, recording a profit in double digits of 11.7% in the last 24 hours. Furthermore, Ethereum (ETH) managed to paint itself green this month, being up by as much as 71.4%. However, Ethereum (ETH) is still 61.2% down from its all-time high 9 months ago. While there’s still a long way to go to get back to the nearly 5K ATH, Ethereum (ETH) is bouncing back from the trials and tribulations of the harsh crypto winter faster than most.
GM in green! 🦎💚 pic.twitter.com/qLdLy0vXlv
— CoinGecko (@coingecko) August 11, 2022
On the Flipside
- Kim Kardashian tries to escape EthereumMax lawsuit
- Michael Saylor, the former CEO of MicroStrategy, defines Ethereum (ETH) as a ‘security’
- Vitalik Buterin is not impressed by Meta’s attempt to centralize the Metaverse
Why You Should Care
Ethereum 2.0, “The Merge,” is crucial for the whole crypto industry, as it will dramatically reduce carbon emissions and lower transaction fees.
Learn more about the schedule and order of The Merge