Goerli Testnet Merge Successful, Ethereum Up 12%
Ethereum has just successfully completed the final test run of Goerli Testnet before The Merge is official. This is the strongest signal that Ethereum’s long-awaited PoW to PoS transition is on track. ETH has gained almost 12% in 24 hours.
Goerli Testnet Merge Successful
The Goerli testnet merge was successfully executed today at around 1:45 AM UTC. The testnet merge, which saw the Goerli testnet merge with the Prater testnet, a Proof-of-Stake beacon chain, represents the final test run before the actual Merge takes place. the Goerli/Prater merge took place when Goerli hit a total difficulty of 10,790,000.
A successful Goerli testnet merge is the strongest signal yet that Ethereum’s long-awaited “Merge,” in which the current Proof-of-Work chain will “merge” with the Proof-of-Stake Beacon Chain and complete its transition to a Proof-of-Stake network, will indeed take place this fall. Ethereum Foundation member Tim Beiko suggested in last month’s Consensus Layer Call the most likely date would be September 19.
The Merge has been called “the most significant upgrade in the history of Ethereum.” This advanced technical maneuver will see the current Proof-of-Work Ethereum Mainnet merge with the Proof-of-Stake Beacon Chain, which currently runs parallel to the mainnet. Once the Merge has taken place, the Beacon Chain’s Proof-of-Stake mechanism will effectively take over as the network’s block production engine.
A successful Merge has important long-term implications for Ethereum, including a predicted 99.9% reduction in energy usage. It also paves the way for sharding, a scalability solution that involves breaking the network’s data into smaller, more manageable pieces.
According to Ethereum developer Marius van der Wijden, confusion arose on the network due to two separate and unique terminal blocks as well as “lots of non-updated nodes” as a reason for an unexpected delay, which was anticipated to go live earlier in the day.
The effect that the Merge will have on the market value of Ethereum is the subject of intense speculation. ETH was up nearly 12% in the 24 hours prior to the test consolidation and is trading at $1,873 at press time.
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