After news of the anticipated merger, Ethereum (ETH), saw a notable uptake in price that drove it above $1,300.
The second-largest cryptocurrency, based on Market cap Intraday trading saw a 13.35% increase in price to $1,358 according To CoinMarketCap.
The merger is expected to transform the Ethereum network from its current proof-of work (PoS), consensus framework to a proof of-stake (PoS). This has been difficult for some years.
Justin Drake was an Ethereum researcher. revealed Because testing was in its final round, the merger was most likely to take place in August.
Nevertheless, during a recent developers’ call, September 19 emerged The most probable date of the transition. It was agreed:
“Merge two weeks later (Sept 19th).”
However, an Ethereum Beacon chain community health consultant hinted at the possibility that the merge date wasn’t final. said:
“This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements.”
This news boosted the ETH market strongly. Glassnode is an on-chain insight provider explained:
“Ethereum markets have rallied strongly off the back of a large short squeeze in futures markets. Over $98M in short futures positions were liquidated in one hour, pushing ETH prices up by 12.5%.”
Because the PoS algorithm allows for the confirmation of blocks in an energy-efficient manner, the merge is likely to be the most significant software upgrade in Ethereum. To solve cryptographic puzzles, validators will need to stake Ether.
Recently, a DeFi teacher under the pseudonym Korpi Comment Merger would be a game changer because it would shift selling pressure in Ethereum. After all, structural supply will change to structural buying.