On Wednesday, July 6, Ethereum developers brought the Ethereum network closer to a proof-of-stake (PoS) network. The Merge was successfully implemented on The Sepolia test network. Since then, ethereum prices have risen. Here are the details...
Promising developments in the Ethereum network
This positive development appears to have given investors renewed hope. At yesterday's event, Sepolia's proof-of-stake chain or enforcement layer was merged with the proof-of-stake beacon chain or consensus layer. Ethereum educator Anthony Sassano confirmed The Merge's success on Sepolia. He also added that he paved the way for Goerli to test the implementation of Merge online. Sassar wrote on Twitter:
Thanks to everyone who watched SEPOLIA merge live!! SEPOLIA merge migration is successful (and the chain is complete!) So now it's time to focus on the next few days. Then we assemble GOERLI, and then we assemble the main net. The merger is coming.
Ethereum 2.0's transition to proof of interest has been partially delayed in the past. Currently, the ethereum mainnet transition is expected to happen by the end of this year, as reported by mainstream media. Even Sepolia test network Merge had some glitches. However, Ethereum protocol developer Terence Tsao described the merger as a "success." He added that 25-30% of verifiers were offline due to a "misconfiguration" after the merger. He then described these as minor "obstacles" that would no longer delay mainnet integration.
Vitalik Buterin reviews Merge
These test network mergers basically serve as a "dry run" for Ethereum developers, giving them a fair idea of the challenges they will encounter during a mainnet merger. In yesterday's livestream, Ethereum co-founder Vitalik Buterin highlighted some of the challenges of mainnet mergers. For example, mainnet aggregation will include third-party infrastructure that is currently unavailable during the test of the net. Buterin uses the following statement:
Therefore, MERGE and non-criticality can be problematic [...] There are many peripherals that have not been tested. It's inevitable and probably not a problem.
ETH prices jumped
The news has pushed ETH prices up 5 per cent in the past 24 hours. Cryptocurrency rose from $1,127 to $1,193. At the time of writing, it was changing hands for $1,169. Shanzhai Coins, the largest by market value, rose 10% in seven days. Still, ETH is well below its record of more than $4,000 last year.