Briefs on the latest Ethereum Consensus Call have been released. It includes important notifications about the network and its progress toward the Merge.
The merger awaits
Christine Kim, research associate at Galaxy Digital, has compiled a dossier on the latest Consensus-Layer Call held on June 30. The meeting brought together several core Ethereum developers to discuss the latest developments on the network.
The major news coming out was regarding the Sepolia activation. Kim confirmed that the Merge activation on Sepolia could come up by 3 July. Sepolia will be the second of three public testnets to run through the Merge. After Sepolia, developers will only have the Goerli testnet before moving onto Ethereum mainnet.
The brief also claimed that Ethereum had its eighth mainnet shadow fork to test the upcoming merger. Developer Marius Van Der Wijden has updated the smooth transition of the Gray Glacier hard fork.
No major issues are yet to be detected before the Proof-of-Stake transition.
Where is ETH in the mix?
In light of the developments mentioned above, it is time for investors to be aware of all the on-chain developments that have taken place on the Ethereum blockchain.
The metrics on the Ethereum network signal a concerning trend despite recent improvements. The native ETH suffered a great deal during the crypto crash in June. And, is in further danger of going down again. This has reflected well on the on-chain metrics.
Ethereum’s MVRV ratio has fallen from its levels seen on June 25. But on a larger scale, there has been a marked improvement since the height of the crash. Overall, this is still an underperforming metric on Ethereum.
Another variable of concern was the measure of social dominance, which continued to show limited progress. This time around, social media discussions related to Ethereum were less. However, a pump in the metric was observed after July 2. Clearly, the development activity is starting to pay off.
One faint hope among the studied metrics was ETH accumulation. The number of addresses holding 100+ coins hit a 14-month high of 44,449 on 2 July. This is a clear indication of ‘buying the dip’ which has revived investors’ confidence in Ethereum.
