Ethereum has achieved yet another milestone in its path toward the proof-of-stake Merge. The final testnet for the Merge was released on the Goerli testnet on August 11th. After Ropsten and Sepolia, Goerli was the last remaining testnet scheduled to undergo the Merge. The Goerli testnet merger has now been completed without any major difficulties. This suggests there will be no delays to the planned Ethereum Merge date of September 19th.
All the Ethereum testnets have gone off without a hitch and were enthusiastically received by the crypto community. Come September, the network is implementing one of its biggest changes in history. Ethereum developers took to Twitter to celebrate the merge led by Ethereum’s core developer Preston Van Loon and podcaster. Ethereum developer Marius van der Wijden noted that there was some confusion on the network because of two different terminal blocks and a lot of nodes that had not been updated.
The Merge, dubbed one of the most significant upgrades in blockchain history, will significantly lower Ethereum’s energy usage and bring the network one step closer to its long-term scalability, security, and sustainability objectives. After the Merge, the next major milestone will be the multi-phased sharding upgrade. This phase will significantly improve the “distribution of data storage requirements,” allowing rollups even more cost-effective and making nodes easier to manage. This gives the network greater capacity while relieving the core network of stress.
Due to the Goerli integration, the Ethereum token price has increased significantly. The current live Ethereum price is $1,888.72 per ETH. Over the past seven days, ETH has been one of the best performers among major assets, up 16.6% over that period. The price of Ether has been on a huge pump leading up to the Merge, with gains of 72.2% in the last 30 days. Ether rose to a two-month high early Thursday, outperforming bitcoin. The native token of the blockchain advanced to $1,919 at some point after the merger.
Vitalik Buterin states that he didn’t anticipate there being any negative consequences since most of the Ethereum community supported the Merge. He said that he did not expect the network to be significantly damaged by another fork. Meanwhile, others, such as Justin Sun of TRON, believe in an Ethereum hard fork. The Merge might also contribute to more institutional adoption. According to research by Bloomberg Intelligence, the move may help the altcoin reach a corporate-level investment status.