On Wednesday, August 10, Ethereum completed the final rehearsal of the Merge upgrade of the Goerli testnet. This gave the developers the green light to proceed with the Merge upgrade on the Ethereum mainnet scheduled for September 19. Here are the details…
Merge rehearsal ends on the Goerli testnet: Ethereum (ETH) price watches $2,000
The Goerli testnet simulated the same process that would happen on the Ethereum mainnet in September. Testnets allow developers to try new things and make necessary changes before the update rolls out to the mainnet. “Goerli has a full testnet badge,” said Josef Je, a developer working with the Ethereum Foundation.
The latest development brings Ethereum one step closer to proof-of-stake (PoS) transition. PoS Ethereum 2.0 will come with improved performance efficiency, better network scalability, lower gas fees and many more benefits. Ethereum Foundation researcher Ansgar Dietrichs described it as “another successful test”.
Meanwhile, the world’s second-largest cryptocurrency has gained nearly 80 percent in the past month. Thus, he recorded a solid comeback. Now, it continues its momentum with the help of developments about the Goerli testnet. According to the data, ETH has a market cap of $229 billion. It is also trading at $1,893, up close to 13 percent in the last 24 hours. The value of ETH has increased by 16.8% in the last 7 days. You can see the latest price action of ETH on the daily chart below:
Whales flock to ETH
So, the positive developments regarding the Merge upgrade combined with the lower-than-expected inflation data on Thursday provided the much-needed price boost. Meanwhile, On-chain data provider Santiment reported that ETH whale accumulation has increased significantly during the recent price hike. The platform stated the following:
Ethereum climbed above $1,880 after a positive CPI report on Wednesday. This 2-month high came with a massive influx of ETH transactions worth $100,000 or more. There are also whales that accumulate.
Speaking to CNBC, Ethereum protocol developers coordinator Tim Beiko said that they will closely monitor the Goerli testnet performance for a few hours to identify potential issues that may arise. Beiko said they would like to “see the network terminate and have a high engagement rate among validators.” “We also want to make sure we don’t run into any unexpected bugs or issues,” he said.
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