On July 28, lead Ethereum developer Tim Beiko announced the final details before the final testing phase of the Merge.
The final proof-of-stake testnet transition will be on the Goerli testnet, the closest simulation to the Ethereum mainnet. The Goerli version of Beacon Chain is called Prater, and it will be merged into the testnet between August 6 and August 12 in an update 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.
Ethereum: final preparations
The bulletin states that there is only one testnet left after several devnets, shadow forks and merges on outdated testnets.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 was slated for September 19, according to previous announcements from the developers. 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 merger has been described as Ethereum’s biggest upgrade since its inception seven years ago. However, the transition to proof-of-stake was supposed to happen several 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 price up 14%
Ethereum prices jumped almost 15% on the day, hitting an intraday high of $1,667 during the Asian trading session on Thursday morning.
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% in the past fortnight, but the asset is still down 66% from its all-time high in November 2021.
