The much-awaited transition of Ethereum [ETH] from proof-of-work [PoW] to proof-of-stake [PoS] is expected to take place on 19 September. The entire globe has been in great anticipation of this shift as it brings about major changes to the network.
While issues like scalability won’t be addressed in this upgrade, it would revamp the entire network. Right after prominent upgrades like this, the price of the network’s native token is expected to surge. But with regards to ‘The Merge’ Ethereum’s co-founder Vitalik Buterin affirmed that the upgrade wasn’t priced in yet.
Appearing in a recent interview with Bankless, Buterin said, the community might have to wait for a good six to eight months before witnessing any major price action. He added,
“I think it’s [The Merge] not going to be priced in pretty much until after it happens.”
It should be noted that Buterin wasn’t talking about Ethereum’s price alone. The Ethereum co-founder said,
“I basically expect that the merge is going to be kind of not priced in, by which I mean like not even just like market terms but even just kind of like psychological and narrative terms.”
Ethereum’s Final Merge Testnet
The Merge garnered immense backlash for a lot of reasons. While some questioned Ethereum’s level of decentralization a few others took a dig at the constant delays in the same. However now, it seems 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 significant in the network and mirrors the Ethereum mainnet. The Beacon Chain version of Goerli is reportedly labeled Prater. This will be merged with the testnet sometime between the 6th and 12th of August.
Ahead of this imminent upgrade, the price of Ethereum’s native crypto, ETH was pocketing big gains. At press time, ETH was up by 11.20 percent over the last 24 hours pushing its price to $1,620.
Furthermore, the community speculated that the persistence of this trend could help Ethereum reach $2K.