In the late hours of Wednesday, Ethereum’s (ETH) largest testnet, Goerli, completed the move to a Proof-of-Stake (PoS) system. When Terminal Total Difficulty (TTD) surpassed 10,790,000, the transition occurred around 1:45 UTC. All eyes are now on the final merge, which is scheduled for next month. Many people believe that the final move to a PoS consensus method will take place around the end of September.
To prepare for this historic shift, developers conducted numerous tests. The Prater network has been upgraded, according to the Ethereum (ETH) team. The upgrade, called Bellatrix prepared the Goerli chain for its merger. Goerli is Ethereum’s third and final testnet merger before the big move.
Prior to Goerli, Ropsten, and Sepolia, the two testnets were equally successful.
Ethereum rallies big as merge inches closer
Ethereum’s success has had an expected impact on its price. ETH has finally broken through the $1800 barrier, gaining up to 12.2% in the last 24 hours. Furthermore, ETH has gained up to 71.4% in the last 30 days.
The 2022 market crash was one of the most harsh. Bitcoin (BTC) & Ethereum (ETH) have lost roughly 70% of their value since the start of the year. Furthermore, with the demise of the Terra network, we witnessed the death of a blockchain. Terra’s demise had ramifications throughout the cryptocurrency industry.
Nonetheless, markets are gradually emerging from the chaos. And this time, Ethereum was at the head of the pack. Investors have been eagerly waiting for the merger, and its inching closer has pushed Ethereum into green.
Furthermore, once the merger occurs, some predict the formation of 2 Ethereum coins. The merger will result in the formation of an ETH2 coin and an ETHPoW coin, according to BitMEX. They did, however, admit that the ETHPoW coin may have technical issues as well as long-term viability concerns.
At the time of publication, ETH was trading at $1,880.64, up 16% in the previous seven days.