Ethereum’s Long-Awaited Transition [ETH] from proof of work [PoW] to proof of stake [PoS] is expected to take place on September 19. The whole world has long anticipated this shift as it will bring about major changes in the network.
While problems like scalability is not covered in this upgrade it would refresh the whole network. Immediately after prominent upgrades like this one, the price of the network’s native token is expected to increase. But in regards to ‘The Merge’ Ethereum’s co-founder Vitalik Buterin confirmed that the upgrade had not yet been priced in.
Appearing in a recent interview with Bankless, Buterin said, the community may have to wait six to eight months before witnessing any major price action. He added,
“I think it is [The Merge] won’t be priced in much until after it’s done. ”
It should be noted that Buterin wasn’t just talking about the price of Ethereum. The co-founder of Ethereum said:
“I actually expect the merger to be a little off-priced, by which I mean, not even like market terms, but even a little bit like psychological and narrative terms.”
Ethereum’s Latest Merge Testnet
The Merge garnered a huge backlash for many reasons. While some questioned Ethereum’s level of decentralization a few others took a dip in the constant delays in the same. Now, though, it looks like The Merge is on track to take place in September.
Tim Beiko, the lead developer at Ethereum, shared details about the final testing phase of the upgrade.
The goerli testnet is quite important in the network and mirrors the Ethereum mainnet. The Beacon Chain version of Goerli is reportedly called Prater. It will be merged with the testnet sometime between August 6 and 12.
Prior to this imminent upgrade, the price of Ethereum’s native crypto, ETH made huge gains. At the time of going to press, ETH had risen 11.20 percent in the past 24 hours, pushing the price to $1,620.
In addition, the community speculated that keeping this trend could help Ethereum reach $2K.