According to the data, the “Merge” of Ethereum (ETH) is scheduled for September 19. The data was shared by Evan Van Ness, founder of Week in Eth News. Meanwhile, various testnet launches will also take place. Here are the details…
Important update for Ethereum on September 19th!
Earlier, the same account assumed that Ethereum would switch to the new update at the end of September. Considering the decentralized nature of updates on the network, the update was somewhat delayed. It included a major disclaimer that it could be delivered faster than expected. In the releases list, users expect the Goerli/Prater clients to arrive on July 27 and 28. Goerli expects the Merge update on the testnet to end the PoW on August 11 and the Bellatrix update in early September. Thus, they expect Ethereum to be ready for Merge on September 19.
What is Ethereum Merge? Merge is one of the most anticipated and important updates in Ethereum history. Because it will change the development process of the network. It will make a full transition to proof-of-stake, leaving behind the old proof-of-work (PoW) algorithm. The upgrade represents the connection of the existing execution layer of the Blockchain with the new consensus layer, the Beacon Chain. The updated version of Ethereum will eliminate energy-intensive mining and secure the network using staked ETH.
In addition to making Ethereum environmentally friendly, the update is designed to increase the security, scalability and sustainability of the network. Because the 2021 bull run has proven that ETH is not yet ready for mass adoption as it becomes unusable during periods of high load. Therefore, we have witnessed the emergence of layer-2 networks that allow users to use the network at lower fees.
Latest situation in ETH price and market
As we reported as Kriptokoin.com, after the last volatility, Bitcoin started to rise. It went over $20,000. Altcoins have also turned green today, led by Ethereum’s massive double-digit surge. ETH led the rise. The second-largest cryptocurrency is up more than 11 percent on a daily scale. It is trading above $1,200. This came with the 9th Merge shadow fork going into action. Similar impressive gains are coming from altcoins with larger market caps like Solana and MATIC. Both rose about 12 percent. As a result, SOL sits close to $40 while MATIC is at $0.7.
Ripple, Dogecoin, Polkadot, Shiba Inu, and Avalanche also do well in the green, while BNB, ADA, and TRX post more modest gains. The cumulative market cap of all cryptocurrencies rose above $50 billion per day, with most of the lower and mid-sized subgroups performing similarly. It’s well over $900 billion.
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