Ethereum Lead Developer Tim Beiko Announces Final Details Regarding the Merge, ETH Up Over 11%
- The Ethereum Goerli test requires node operators to upgrade their consensus and execution layers together instead of one of the two.
On Thursday, Ethereum leading developer, Tim Beiko, revealed the final details before the final test phase for the Merge. The next proof-of-stake testnet switch will be the Goerli testnet. It is the nearest model to the Ethereum mainnet. According to Beiko, the Prater is the Goerli version of the Beacon chain.
Ethereum and The Merge
Developers will Merge the Prater and the testnet in another upgrade named Paris. This Merge will occur between the 6th and the 12th of next month. The official statement also revealed that there would be an initial upgrade (the Bellatrix upgrade) before the Paris upgrade.
The Bellatrix upgrade is scheduled for August 4 and will prepare Prater for its Merge with Goerli. The announcement also revealed that there is only one remaining test after many Merges, shadow forks, and devnets on mirror testnets. It also said node operators must upgrade their execution and consensus layers together.
However, Ethereum stakers and holders won’t need to take such actions. Previous announcements from developers state that the actual Merge will happen on September 19. The only reason there might be any postponement is if there are issues with this Goerli test phase.
A few weeks ago, developers launched the ninth testnet upgrade to test a new boost feature known as the Maximal Extractable Value (MEV). Many people regard the Merge as Ethereum’s most significant upgrade since its launch in 2015.
Introducing sharding to increase scalability and a reduction in transaction fees is the primary focus of this upgrade. But the integration of most of the scalability features will happen after completing the last stage of the transition phase. The final phase of the transition will likely occur by the middle of next year.
The switch to becoming a proof-of-stake network hasn’t happened, even though it has been the plan for many years. Many investors and users have been frustrated by the multiple setbacks to the completion of the switch. Currently, 10.7 percent of the total ETH supply is staked on the Beacon chain.
That figure represents 13.1 million staked ETH worth $21.5 billion. While stakers currently enjoy a 4.6 percent Annual Percentage Yield (APY) in ETH, they can’t withdraw their yield earnings till at least eight months after the Merge is complete.
Data from the Asian trading session on Thursday morning showed that ETH reached a new intraday price of $1,667. That price represents a rise of nearly 15 percent in 24 hours. Currently, the asset is trading at $1,280.22
Despite analysts’ forecasts, the US Fed’s rate hike hasn’t negatively impacted crypto market prices. The broader crypto market surged by 9 percent today. ETH’s price has been up 47 percent in the last 14 days. However, it is still 66 percent off its peak price, which it set last November.