The crypto market’s most anticipated and complex upgrade Ethereum Merge will trigger today at around 06:40 UTC. The Merge progress is now 99.99% complete as ETH clients and developers push for the successful transition from PoW to proof-of-stake (PoS). Moreover, almost 89% of execution clients are ready for PoS transition.
Ethereum Merge Readiness
According to OKLink’s “Ethereum The Merge Countdown,” the Ethereum Merge progress is 99.99 complete as Ethereum clients, developers, and users await for the Mainnet (execution layer) to combine with the Beacon Chain (consensus layer) at total terminal difficulty (TTD) set to 58750000000000000000000. Moreover, the current hash rate is 858 TH/s.
The Paris upgrade on the execution layer will trigger by TTD of 58750000000000000000000. After the Paris upgrade, the Merge transition will officially complete as the Beacon Chain finalizes a block. It will happen after 2 epochs or 13 minutes after the block is produced.
As per Ethereum Foundation’s recommended tracker, the Merge will trigger on September 15 at around 06.40 UTC. Also, the remaining blocks left for mining are 250. Users can watch the Ethereum Mainnet Merge Viewing Party live stream on YouTube.
According to Ethernodes, nearly 89% of clients on the Ethereum network are now ready for the Merge. Notably, 88% Go-Ethereum (geth), 93% Erigon, 100% Besu, and 92% Nethermind execution layer clients’ nodes are ready.
Moreover, Ethereum Foundation has also announced that the Kiln, Ropsten, and Rinkeby testnets are deprecated. These testnets will shut down after the Merge. All users and developers must migrate to Goerli or Sepolia testnets.
Ethereum (ETH) Price Outlook Remains Positive
While Ethereum is set to be deflationary after the Merge, traders are positive about upside movement. Moreover, Ethereum is in “wait and watch mode” as there is no significant movement in the price in the last 24 hours.
At the time of writing, the ETH price is trading at $1613. Also, the 24-hour low and high are $1,572 and $1,648, respectively.
The PoS transition will bring significant changes to Ethereum. Here’s how the ETH price may move after the Merge.
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Source link By Varinder Singh