The seminal Merge event for Ethereum is approaching, and it may even come sooner than originally anticipated. The most recent tweet that was sent by Ethereum co-founder Vitalik Buterin indicates that the upgrade will now be fully implemented some time between September 13 and September 15.
On the other hand, Ethereum led the way for major cryptocurrencies on Tuesday in terms of price growth as the Bellatrix hard fork and the Merge approach.
The Proof-of-Stake Upgrade for Ethereum Is Almost Here
The Ethereum network, which is behind the second-largest cryptocurrency in terms of market cap, is going to switch from the current proof of work (PoW) mining model to a proof of stake (PoS) consensus mechanism in an upgrade that has been widely discussed and referred to as the Merge. This change will take place in the coming months. It has been projected that the long-awaited change, which has been in the works for years, will reduce ETH token emissions by 90% and make Ethereum 99.95% more energy efficient.
Since quite some time ago, developers have been discussing potential launch dates for the historically significant upgrade that would take place on the mainnet. Vitalik Buterin, a young prodigy in the Ethereum community, anticipates that the Merge will take place between September 13 and September 15.
Buterin strongly encouraged node operators to upgrade their clients in advance of the Bellatrix hard fork, which is planned to take place today (September 6) at 11:34:47 am UTC. He went on to say that the update was still very important because it was the first step in the Merge process and it was the one that started things in motion.
It is still anticipated that the merger will take place between September 13 and 15. The Bellatrix hard fork is currently taking place, which “prepares” the chain for the merge that will take place later. Nonetheless, it is essential—don’t forget to keep your customers up to date!
Following the completion of Bellatrix, a further preparatory upgrade known as Paris will take place on the execution layer, and then the Merge will take place between September 13 and September 15.
OKLink’s countdown to the Ethereum Merge indicates that the process is now 98.88% complete. The current hash rate of the network is 892.23TH/s, which is higher than the 872TH/s threshold that was required to activate the upgrade.
Since December 2020, Ethereum has been conducting tests to simulate migrations to PoS. Even while there is no way to know for certain that the switch will go off without a hitch, engineers generally anticipate a transition that is largely trouble free.
The price of Ethereum Shoots Up Ahead of the Bellatrix Upgrade
The upcoming upgrade to the Bellatrix consensus layer is providing support for the price of ETH today. According to data provided by CoinMarketCap, at the time of publication, it was trading at $1.662.72 and had increased by around 6.22%. As a result, Ethereum’s performance on the market places it in first place among the top 10 cryptocurrencies by value. In the months leading up to the Merge, the cryptocurrency has been riding a wave of increasing enthusiasm, which has been visibly noticeable.
It is anticipated that the Merge will be completed in a span of around 13 minutes. Multiple cryptocurrency exchanges have announced that they will temporarily suspend deposits and withdrawals for ETH and ERC-20 tokens during that time in order to protect the funds of their consumers.
It is important to highlight that the Merge will not serve as the climactic event for the network that is in second place in terms of value. In the era that follows the Merge hard fork, Ethereum will undergo additional modifications to solve scalability concerns.