Ethereum Launched Merge Upgrade On Goerli Testnet As Whales Hovers
The Ethereum network, on Wednesday, August 20, completed the final stage of the Merge update on the Goerli testnet platform. The new development gives developers the go-ahead to continue with the Merge Upgrade on the network’s mainnet ahead of the September release.
What is the Goerli Testnet?
The Goerli testnet is the protocol that allows developers to initiate new applications and make changes before the final rollout to the mainnet. According to Josef Je, a developer with the Ethereum Foundation, Georli is known for its bottom-up testnet features.
Furthermore, the latest development brings the network closer to its upcoming Proof-of-Stake (PoS) transition from Proof-of-Work (PoW).
The developers revealed that the new Ethereum 2.0 had enhanced performance and features. In addition, it comes with more network scalability, a lower gas fee, and optimum efficiency.
The Goerli testnet is regarded as a success by many in the Ethereum Foundation as the network braces for the launch proper in September.
It is worth noting that Goerli is the last of the three public tests to undergo a dress rehearsal for the upcoming Merge.
The Ethereum community is confident that the anticipated Ethereum mainnet merge will be seamless. More importantly, the Merge is currently the most significant upgrade undertaken by a blockchain network in history.
With this, Ethereum’s hotly debated energy consumption will go down significantly. Ethereum’s development team will focus on sharding once the Merge is concluded.
Sharding is another milestone the network seeks to achieve to enhance its data distribution system. It also aims to make rollups affordable and nodes easier to operate by users.
ETH Set Sight on $2,000 Price Level
Over the past month, Ethereum has registered a strong price rebound, gaining close to 80%. Additionally, in the past 24 hours, the token is up 12% and trading at $1882 with a market valuation of $229 billion.
The news of the upcoming Merge and the reduced inflation rate has boosted the price of the second largest cryptocurrency. According to the on-chain data tracker, Santiment, whale accumulation of ETH has spiked significantly. The positive outlook of the consumer price index (CPI) shows the 2-month price surge is followed by massive transactions at $100,000 and above.
The Ethereum Foundation’s Tim Beiko noted that the development team would closely observe the Goerli testnet to identify any defects. Beiko added that they want to ensure everything is in order before finalizing the network’s transition.
Due to the importance of the project, it is natural for the team to ensure that no potential bugs appear in the latest outing.
After Bitcoin, Ethereum is the most popular digital asset in the crypto ecosystem. In the blockchain industry, the network has assumed a prominent place as it sets the pace for scaling.
However, the Merge may not be the final scaling Ethereum will undergo due to the changing blockchain landscape.
More than anything else, the Merge will place Ethereum above other blockchain networks and will be a game-changer for the industry.
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