- Ethereum developers officially confirm the date for the merge.
- The new date for the merger is roughly in line with a late-August timeline proposed by founder Vitalik Buterin earlier this year.
- The merger has become a dominant narrative in the crypto space in recent weeks.
With the merge, Ethereum will go from a proof-of-work consensus model to a proof-of-stake consensus model, drastically reducing its environmental effect and increasing network efficiency. The timetable for going live with the merging on the Ethereum blockchain has, however, been postponed multiple times due to the intricacy of the project.
The team working on the merging indicated that the much-awaited upgrade is arriving sooner than previously anticipated, aiming for September 15 or 16. This was revealed during an Ethereum Foundation Consensus Layer Call on Thursday.
In the past, a mainnet shadow fork resulted in 20% of nodes being shut down after it was implemented, raising questions about merging stability. After the Beacon chain underwent a 7-block deep reorganization in May, the price of Ethereum crashed. Superphiz. eth, an Ethereum developer, talked about the merger’s timeline and underlined that the proposed goal date should be viewed as a road map rather than a strict deadline.
The merger is projected to boost Ethereum prices because it will make investing in cryptocurrencies simpler. The ability to function like a debt instrument thanks to staking rewards may increase ETH’s appeal to institutions.
As the Merge has drawn closer, it’s become a dominant narrative in the crypto space in recent weeks. Ethereum’s creator Vitalik Buterin went as far as to say that he thought the Merge narrative was “not priced in” last month, though he specified that he was referring to the psychological impact of the event rather than the crypto market.
