Since the beginning of the year, the Ethereum community was anticipating the transition from Proof-of-Work to Proof-of-Stake. The Merge is coming soon, which will be a blessing for all. Developers are now in the final testing phase of the important event.
These details were revealed by Tim Beiko (lead developer for Ethereum), on July 28. He stated that the transition to the Ethereum testnet will be made on the Goerli testing network, which is a simulation of Ethereum’s mainnet.
📢📢📢 Goerli/Prater Merge Announcement 📢 📢📢
Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet 🚨https://t.co/JAz5AJe12B
— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) July 27, 2022
Prator is the name of this version. It will take place between August 6th and 12th. Although the upgrade to network will be called Paris (or Bellatrix), it will also position Prater for the Goerl Merge.
Beiko says that August 4th will mark the Bellatrix upgrade. But, Beiko stated that validations and people who manage nodes on Ethereum must go through the entire process so they can prepare for PoS.
Preparations for the Final Steps Before You Move To PoS
Information released by the network indicates that it must finish one more testnet. Developers have successfully completed numerous devnets and merges. They also performed shadow forks using deprecated testnets. The developers finished the 9th shadow fork to test the MEV booster feature in July.
According to the announcement by the lead developer, node operators should update both their consensus layer and execution clients at the same time. But for stakers and holders of Ethereum, there’s nothing to do now. Testnet operators and participants in the network are those who should take immediate action.
The community knows that the Merge will be held on September 19th, as previously stated by the developers. The date could be moved forward if the Goerli testing phases are not completed.
The most significant Ethereum upgrade is Merge
This upgrade is the largest since Ethereum began to operate on July 30, 2015. The plans to move to Poofoof have been underway for several years. Unfortunately, the developers have had many delays, which haven’t been okay with the community.
September 2022 is the day of relief. Trader have staked 13.1 Million ETH on Beacon Chain for $21.5 Billion. These stakers will earn 4.6% in Ether APY, but they won’t be able to withdraw their gains until months later.
The announcement brought ETH another price increase. It gained 15% on July 28, to trade at $1,667 in the Asian trading sessions. This is a 47% improvement over the past two weeks even though it still hasn’t reached its highest point in 2021.
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