He shared the data of “Ethereum The Merge Countdown” on OKLink. Accordingly, 96.55% of the Merge upgrade has been completed. Also, Ethereum developers announced the deadline for the upgrade.
Deadline for Ethereum Merge is September 15
According to the “Merge Countdown” data on OKLink, Ethereum Merge progress is 96.55% complete. Network hashrate dropped below 900 TH/s. However, this is still above the ideal level. However, Ethereum core developers held the Core Developers Meeting on Thursday. During the meeting, he confirmed the final mainnet terminal difficulty (TTD) of 587500000000000000000000. This means that Merge will go live on September 15 in the next 27 days.
Ethereum co-founder Vitalik Buterin previously confirmed that the exact date depends on the hash rate. The Ethereum network hashrate has dropped below 900 TH/s, currently reaching 885.23 TH/s. If the hash rate stays around 879 TH/s, the Merge is likely to happen on September 15. Accordingly, the Ethereum network needs an average hash rate of 872.2 TH/s to reach 58755000000000000000000 TTD on September 15.
Ethereum Mainnet set to merge with Beacon Chain
The mainnet is moving to merge with the Beacon Chain triggered by a TTD at 587500000000000000000000. This will automatically migrate Ethereum to PoS without any disruption to the Blockchain. Additionally, the developers discussed preparations for the Bellatrix and Paris upgrades at the meeting. The Bellatrix and Paris upgrades are scheduled for September 6 and September 15, respectively. The successful occurrence of all these upgrades has the potential to boost ETH prices before Ethereum’s PoS transition.
Will Ethereum Merge boost ETH price?
Once all preparations for Ethereum Merge are complete, it is possible for Ethereum (ETH) price to witness short-term gains before raising. However, the rally will most likely be short-lived. Ethereum core developer Tim Beiko confirmed on Thursday that the Merge Mainnet Readiness Checklist has been completed. In addition, the Ethereum Foundation announced that after the Merge, there will be no change in gas fees, transaction speed, and ETH staking and withdrawals.
As a result, the price is failing to show upside momentum. Also, ETH will become a deflationary asset that is likely to lower its price after the Merge. Investors can only expect a real rally after the Surge, Verge, Purge and Splurge phases are completed. According to crypto analysts, Ethereum (ETH) price will remain volatile until then.
ETH competitors can rally
It is possible that there is a delay or an issue with the Ethereum Merge upgrade. If that happens, rival layer-1 networks like Solana, Avalanche and Near Protocol are likely to take off. As we reported as Kriptokoin.com, the analyst with the nickname Guy is waiting for this rise. The CoinBureau host predicts that Solana could double its price in any market rally. It also suggests that a failure in Merge will blow up other layer-1 networks.
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