Ethereum is going through a massive rally over the past six days as its price increased by a whopping 50% over the period – against the USD.
ETH has also strongly outperformed BTC, and it is up 25% against it over the same period, as seen in the chart below.
This move comes roughly a month after the cryptocurrency was trading within a fairly narrow range, which evidently broke to the upside.
Ethereum’s Ninth Shadow Fork – Start of the Rally
As CryptoPotato reported on July 15, Ethereum’s ninth phantom fork has gone live, setting up some of the final testing steps towards migrating to a proof-of-stake (PoS) network.
It was designed to test the updates that were made in the recent Sepolia hard fork, which took place on July 6th. It will also focus on a maximal extractable value (MEV) boost feature. This one refers to the maximum value that can essentially be extracted from block production in excess of the standard gas fees and the block reward.
At the moment, since the network operates on proof of work, it is the miners who mine the SRM. However, once ‘The Merge’ happens, it will be the validators who can extract the maximum value.
Ethereum 2.0 Confirmed for September 19th (Not Final)
Another important update that the community received was the schedule for the release of Ethereum 2.0 – the long-awaited event that the entire industry is looking forward to.
ETH dev and Beacon Chain “community health consultant” Superphiz took it on Twitter to reveal that the merger is expected to take place on September 19 on a flexible schedule that is not yet final.
This merge timeline isn’t final, but it’s extremely exciting to see it come to fruition. Please consider this as a planning timeline and watch for official announcements.
