Vitalik Buterin, the co-founder of Ethereum, announces Ethereum The Merge is expected to launch on the network’s mainnet on 15 September 2022. This news pushed ETH prices to $2,000 today.
The long-awaited event of the year is finally coming next month or in 33 days, according to Buterin.
The Ethereum team was successful in deploying its last testnet, Goreli, this week, which has made developers more confident that Ethereum The Merge will be taking its final form soon.
“The Merge” is a process in which Ethereum will switch from the Proof-of-Work to the Proof-of-Stake consensus mechanism to save energy, gas fee, increase transaction speed, and more.
After the merge finally happens, the network will verify transactions via validators staking ETH instead of miners. This means the existing ETH coins will be staked rather than creating new ones and consuming huge amount of energy.
Following the Goreli testnet launch and Buterin’s announcement of the launch date, the Ether coin’s prices picked up a bullish movement by recovering to their original price, $2,000.
The crypto community is more than excited to see the merge as it will completely transform the blockchain network. According to experts, Ether is expected to rise even higher than $2,000.
The rest of the crypto and NFT market is also seeing good improvements in trends. The crypto winter seems to be finally melting away. This is truly an exciting time for big and small traders.