Ethereum rolled out the tenth shadow fork ahead of the Merge event and testing only keeps the Merge on track until September 19, so let’s take a closer look today latest Ethereum news.
Ethereum has rolled out the tenth shadow fork as a test towards the merger which is the blockchain’s long-awaited transition to proof-of-stake. The Ethereum phantom fork went live a few days ago and it’s basically pre-merger testing or trials as they practice making one or two specific blockchain changes that will happen later . This is different from bull testnet hard forks such as the Sepolia testnet that happened earlier this month.
The testnets are full rehearsals of the merge that will move the entire Etheruem mainnet to an environmental testnet. This week’s shadow fork practiced the builds that will occur in the final Goerli testnet scheduled for August 11th and will be the third and final such test required before the merge is executed.
The Fusion schedule has changed many times over the past few years and earlier this month, the core developers announced plans to roll out Fusion on September 19th. As a single major event, the Goerli testnet remained ahead of this event and the developers are optimistic that this schedule will hold. The merger will see Etheruem as the second-largest cryptocurrency market capitalization after Bitcoin and the network responsible for 64% of transitioning Defi activity from the PoW model to proof-of-stake.
Currently, Ethereum is created through a power-intensive process where miners direct massive amounts of computing power to solve difficult puzzles in hopes of obtaining blocks of the new ETH. The merger will end the practice of mining and be replaced by a process where holders of 32 ETH can pledge existing ETH in order to create more. According to the Ethereum Foundation, the PoS model will make the Ethereum network 99% more environmentally friendly. Since the rollout of shadow fork 10, no major issues have been reported and Ethereum core developers will continue to roll out shadow forks until the merge.
As we recently reported, companies are doing everything in their power to stay solvent during the crypto winter and they’ve started by laying off employees, cutting expenses and filing for bankruptcy, but those conditions haven’t been able to keep the markets from heating up over the past week. Anticipation of Ethereum’s next network upgrade or merger seems to have driven growth, but Ethereum Classic has also jumped 80% in one week. Some buyers are forward-looking and others are nostalgic.
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