On Wednesday, July 6, Ethereum developers brought the Ethereum network one step closer to a proof-of-stake (PoS) network. Successfully implemented The Merge on the Sepolia testnet. After that, the ETH price jumped. Here are the details…
Promising development in the Ethereum network
This positive development certainly seems to have revived hopes for investors. During yesterday’s event, Sepolia’s proof of stake chain, or execution layer, merged with the proof of stake beacon chain, or consensus layer. Ethereum educator Anthony Sassano confirmed the success of The Merge on the Sepolia testnet. He also added that he paved the way for The Merge implementation on the Goerli testnet. On Twitter, Sassal wrote:
Thanks to everyone who watched Sepolia merge live!! The Sepolia merge migration has been successful (and the chain is complete!), so now it’s time to watch over the next few days. Then we assemble Goerli, then the mainnet. Merge is coming.
The development of Ethereum 2.0’s transition to a Proof-of-Stake mechanism has experienced partial delays in the past. cryptocoin.com As we have reported, at the moment, the Ethereum mainnet transition is expected to occur by the end of the year. Even the Sepolia testnet Merge had some glitches. However, Ethereum protocol developer Terence Tsao called Consolidation a “success”. He added that 25-30 percent of validators are offline due to “misconfigurations” after the merger. He then referred to these as minor “hurdles” that would not delay mainnet Consolidation any longer.
Vitalik Buterin commented on Merge
These testnet merges basically act as a “rehearsal” for Ethereum developers, giving them a fair idea of what challenges to expect during the mainnet merge. During yesterday’s livestream, Ethereum co-founder Vitalik Buterin highlighted some of the challenges with mainnet Merge. For example, mainnet aggregation will include third-party infrastructure that is currently unavailable during testnets. Buterin used the following statements:
So, it can occur and non-critical issues in Merge […] There are many peripherals that have not yet been tested. This is inevitable and probably not a problem.
ETH price jumps
The news has pushed the ETH price up by as much as 5 percent in the last 24 hours. The cryptocurrency rallied from $1,127 to $1,193. At the time of writing, it’s changing hands at $1,169. The 7-day increase of the largest altcoin with its market value was 10%. Still, ETH is well below its record of over $4,000 last year.
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