The Ethereum community has anticipated the shift from Proof-of-Work (PoW) mechanism to Proof-of-Stake mechanism. Luckily for everyone, the merge will happen soon, and reports show that the developers are nearing the final testing phase ahead of the significant event.
Tim Beiko, the lead developer of Ethereum, disclosed these details on July 28. According to him, the testnet transition will take place on the Goerli testnet, a close simulation of the Ethereum mainnet.
📢📢📢 Goerli/Prater merger announcement 📢 📢📢
Prater will go through the Bellatrix upgrade on August 4th and merge with Goerli between August 6th and 12th: if you’re running 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
This version is known as Prator and the date will be between August 6 and 12. The network upgrade will be called Paris, but another upgrade, Bellatrix, will position Prater well for the Goerl merger.
According to Beiko, the date for the Bellatrix upgrade will be August 4. However, the lead developer also said that validators and those running nodes on Ethereum should go through the process to properly prepare for the switch from mainnet to PoS.
Final preparations before going to the point of sale
According to the information published, the network must complete an additional testnet. Developers have done many devnets, merges and shadow forks on outdated testnets. For example, in early July, the developers terminated the ninth phantom fork testing the MEV boost feature.
In the announcement, the lead developer said node operators should update their runtime and consensus layer clients in tandem. But for stakers and Ethereum holders, there is nothing to do now. Those who must act are the testnet participants and the node operators.
Regarding the important Merge, the community already knows that it will take place on September 19, as the developers previously announced. But if there is a problem with Goerli’s testing phase, the date could be pushed back.
Merger Becomes Ethereum’s Biggest Upgrade
Since Ethereum started operating on July 30, 2015, this is the highest upgrade in the network. But plans to migrate to the Poof-of-Work mechanism have been underway for a few years. Unfortunately, the developers had many delays, which did not please the community.
Fortunately, September 2022 will mark the end of frustrations. For example, traders staked 13.1 million ETH on Beacon Chain, worth $21.5 billion. Even if these punters earn 4.6% APY in Ether, the withdrawal of earnings will not occur until several months after the merger.
The announcement also led to another price surge for ETH, which gained 15% on July 28 to sell at $1,667 on the morning of the Asian trading session. This position is showing a 47% increase over two weeks, although it has yet to reach its highest price of 2021.
Featured image from Pexels, chart from TradingView.com