Ethereum Devs Finalize Merge Testnet Details as ETH Surges 14%

On July 28, lead Ethereum developer Tim Beiko announced the final details before the final testing phase of the Merge.

The latest proof-of-stake testnet transition will be on the Goerli testnet, the closest simulation of the Ethereum mainnet. The Goerli version of the Beacon Chain is called Prater, and it will be merged with the testnet between August 6 and 12 in an upgrade called Paris, according to the announcement.

Before that happens, a prior upgrade called Bellatrix needs to occur to prepare Prater for the Merge with Goerl. This is expected to happen on August 4.

📢📢📢 Goerli/Prater Merge Announcement 📢 📢📢

Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th: if you run a node or validator, this is your last chance to go through the process before mainnet 🚨https://t.co/JAz5AJe12B

— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) July 27, 2022

Ethereum: Final Preparations

The bulletin said that only one more testnet remains following several devnets, shadow forks, and Merges on deprecated testnets.

It added that node operators will need to update both their consensus layer and execution layer clients in tandem. Ethereum holders and stakers will not need to take any action.

These changes only affect node operators and testnet participants. The real deal has been slated for September 19, according to previous developer announcements. However, this could be delayed if there are issues with the Goerli testing phase.

Earlier this month, the ninth shadow fork went live to test a maximal extractable value (MEV) boost feature.

The Merge has been described as the biggest upgrade to Ethereum since its inception seven years ago. However, the transition to proof-of-stake was supposed to happen a number of years ago, and repeated delays have frustrated users and investors.

At the time of writing, there was 13.1 million ETH staked on the Beacon Chain. This represents 10.7% of the total supply and is currently worth around $21.5 billion. Stakers are currently enjoying 4.6% APY in ETH, but they will not be able to withdraw it until several months after the Merge.

ETH Prices Up 14%

Ethereum prices have surged almost 15% on the day, hitting an intraday high of $1,667 during the Thursday morning Asian trading session.

Contrary to analyst predictions, crypto markets were unaffected by the Federal Reserve’s rate hike and have actually gained 9% on the day.

ETH prices are up 47% over the past fortnight, but the asset is still down 66% from its November 2021 all-time high.