Ethereum has crossed yet another milestone as it moves toward its proof-of-stake Merge transition next month. The final testnet for the Merge went live on the Goerli testnet on Aug. 11, completing the final trial before the main event in September. The merge with Goerli took place at around 1:45 AM UTC.
The successful integration is just one of the many that have taken place this year on testnets, and they have all been smooth and joyfully welcomed by the crypto community. The Merge has been one of Ethereum’s biggest developments, and it is shaping up to be an eventful Sept. as the network makes one of the biggest changes in its history.
The price of the Ethereum token has spiked noticeably as a result of the Goerli integration, going up by 12.6% in the past 24 hours. ETH has been one of the best performers among the major assets this week and is up 16.6% over the last 7 days. It’s now trading at $1,890.
No concerns about a fork
Ethereum co-founder Vitalik Buterin was at the recent ETH Seoul developer event, and he had a lot to say about Ethereum and its future. One of the topics he discussed was the potential effect the Merge would have on miners. Buterin said that he did not expect any adverse effects, as most of the Ethereum community was supportive of the Merge.
The co-founder said that he did not expect the network to be “significantly harmed by another fork.” Meanwhile, some like TRON’s Justin Sun support an Ethereum hard fork.
All eyes on Ethereum
The impact of the Merge cannot be understated by many. However, there is much more in store afterward, something Buterin has spoken about. At any rate, there has been a lot of attention thrown at the upcoming change.
The Merge may also result in increased institutional adoption. Bloomberg Intelligence seems to think so, saying in a report that the transition could accelerate Ethereum’s ascent to an institutional level investment.
However, one DeFi researcher doesn’t believe that Ethereum fees will come down after the Merge. He argues that fees are a function of blockspace demand and that the switch to proof-of-stake will not have an impact on this.