Vitalik Buterin, the founder of Ethereum, reminded node operators to update their clients as soon as possible on Twitter earlier today.
The Ethereum team revealed that The Merge would take place in two stages last Wednesday. The first stage is the Bellatrix upgrade, which will take place at epoch 144896 on Ethereum’s proof-of-stake (PoS) Beacon chain. The second is the Paris Upgrade, which starts The Merge when the Terminal Total Difficulty level is reached, which is 58750000000000000000000.
The Ethereum founder noted that even though The Merge is planned to go live between September 10 and September 20, clients must be updated for the September 6 upgrade on the Beacon chain.
The network will switch from using the proof-of-work (PoW) consensus process to proof-of-stake as a result of the Ethereum upgrade known as The Merge (PoS). The action will significantly lower the network’s carbon footprint and change the dynamics of supply and demand, which will cause deflation.
Investors outlook
Bloomberg recently reported that Ethereum investors appear to have differing opinions about how The Merge will turn out. The article demonstrates that the majority of retail traders anticipate a correction in the asset’s price after The Merge. As a result, retail dealers are selling on several platforms. Institutional investors, however, are accumulating as a result of the chance to purchase the asset for a reduced price.
CryptoWhale, a cryptocurrency analyst, has stated in a newsletter that he believes The Merge will fail. The Merge fails to address a number of problems with the Ethereum network, according to the researcher. Additionally, according to CryptoWhale, the asset’s price is not expected to rise above the $300 mark because of the general macroeconomic outlook, perceived whale bearishness, and other factors.
The Merge, on the other hand, is expected to finally drive the price of Ethereum up to the $5,000 mark, according to controversial BitMex founder Arthur Hayes. Hayes asserts that it is doubtful that Ethereum owners will “sell the news” as the cryptocurrency deflates following the Merge, a process Davis has referred to as the triple halving of Ethereum.
The price of Ethereum is currently $1,579.60, up 8.75% from the previous day. The asset has increased in value recently as a result of increased rumors around The Merge. Price declines, on the other hand, have occurred recently as a result of macroeconomic worries and the potential for a post-Merge price correction.
