Ether Trades At $1900 After Goerli Testnet Merger
Ether Trades At $1900 After Goerli Testnet Merger
As bulls celebrate the success of the Goerli Testnet, Ether, the native currency of the Ethereum blockchain, is driving the altcoin rise in the London session. As of the time of this writing, it is up 15% and trading just above $1,900.
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Goerli Testnet is a beacon chain merging that will enable the Ethereum blockchain to transition from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) consensus mechanism, which is reportedly more energy efficient than the former.
These testnets are a stepping stone to the eventual mainnet merger. So far, the beacon chains from the Ropsten and Seploia networks have been combined. The 19th of September 2022 is still the scheduled date for the mainnet upgrade.
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More Details
- The Goerli testnet merge, which has been finalized without any major issue today, suggests that there will be no delays to the tentative Ethereum Merge date set for September 19.
- Numerous key devs and figures in the Ethereum ecosystem have taken to Twitter to share their enthusiasm over the successful merge, such as core dev Preston Van Loon and podcaster/ETH proponent Anthony Sassano, who bullishly noted that “next up is (finally) the Ethereum mainnet!! The Merge is coming.”
- However, some noted there were minor issues that were also present in the previous two testnet merges. Ethereum developer Marius van der Wijden noted that there was some “confusion on the network because two different terminal blocks and lots of non-updated nodes” that slowed the process down slightly but stated that things were looking “quite good” anyway.
Ether Trades At $1900 After Goerli Testnet Merger
- The move from PoW to PoS is seen as one of the most significant upgrades in blockchain history. The Merge is expected to significantly reduce Ethereum’s energy consumption while bringing the network one step closer to its long-term scalability, security and sustainability goals.
- Once the Merge is complete, the next major landmark will be the multi-phased sharding upgrade that will significantly enhance the “distribution of data storage requirements, enabling rollups to be even cheaper, and making nodes easier to operate,” according to Ethereum’s website.
- On the news of the successful beacon chain merger, Ether now trades above $1,900, a price point it has not traded since June 2022. Taking a look at exchange activity, Ether’s trading volume has spiked up over 50% as many spot traders are looking to capitalized on the hype of the mainnet launch in a bid to turn a profit.
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Ether Trades At $1900 After Goerli Testnet Merger
According to information from Coinglass, there have been a total of almost $460 million in liquidations during the past 24 hours. $238 million, or 51.74% of the total liquidations observed in the market, is made up of ether transactions. As you might anticipate, individuals who gambled against the surge in Ether’s token price made up the majority of the liquidations that were seen. They account for $147 million, or 61.76%, of all the liquidations of ether. The majority of Ether liquidations on its platform were accounted for by FTX. Okex and Binance are listed after this in that order.
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