- Goerli testnet successfully merges to proof-of-stake (PoS).
- Ethereum’s upgrade has caused the price of ETH to break the $1,800 level.
- The price of ETH is at $1,894.07 at the time of publication.
Goerli, Ethereum’s largest testnet, successfully completed the move to a Proof-of-Stake (PoS) system late Wednesday. At around 1:45 UTC, the shift happened by the time the Terminal Total Difficulty (TTD) hits 10,790,000.
This historic shift was made possible through a series of tests completed by the developers. All are now watching closely the final merge, which was expected to transpire this coming September. However, many people believe that the final action to a PoS consensus method will take place at the end of next month.
According to the announcement of Ethereum’s team, there will be an upgrade to Goerlo’s associated Beacon Chain, Prater. This upgrade, named ‘Bellatrix’, will merge Goerli/ Prater Network and its combined network will retain the post-merge name “Goerli.”
Goerli was the third and final testnet merge followed by Ropsten and Sepolia, which were both identically successful. The validator set for Goerli will remain open for individual stakers to run testnet validators.
The year’s market crash along with the uncertainty brought by the disintegration of Terra network has caused repercussions in the overall crypto market. Both Bitcoin and Ethereum lost around 70% of their price since early January. Yet, crypto markets are now slowly making progress and this time around, Ethereum was leading.
Meanwhile, speculations gave rise with the formation of two Ethereum coins once the merge was completed. As per crypto exchange and derivatives trading platform BitMEX, the merger may develop in an ETH2 coin and an ETHPoW coin. The long awaited merger has been patiently expected by the investors, who are looking to see the green charts of ETH.
As a result of the successful transition, the price of Ethereum soared and now finally surpassed the $1,800 resistance. The price impact recorded gains up to 12.9% in the last 24 hours and up to 71.4% in the last 30 days. At the time of writing, ETH price is at $1,894.07 as per CoinMarketCap.
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