The Ethereum Merge is fast approaching, and enthusiasts are buying up ETH hoping for a rise in the cryptocurrency. Data from CoinMarketCap shows that the token continued its bull run after going up to $2,000 on Friday for the first time since May.
The second largest crypto asset by market cap has surged 7% within 24 hours to $2,014 at the time of writing. It has gained more than 17% under a week and has nearly doubled in the past month.
Within the past 24 hours, over $124 million ETH short bets have been liquidated. This shows the high level of interest the Ethereum community has placed in the token and the high expectation they have placed on the upcoming update.
Already, 13.2 million ETH have been staked on Ethereum 2.0. which represents a new record for the metric.
The Merge Brings Excitement Among Holders
The Ethereum update, called the Merge, comes up next month after a series of tesnets have been carried out. It promises to scale the network and make transactions much cheaper.
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Earlier this week, the Goerli testnet finally transitioned to the proof-of-stake mining system, which is the final preparatory stage for the launch of the mainnet. According to Ethereum, the Merge is expected on September 15 or 16, barring any last-minute development.
Testnets are almost required as a means of gauging the level of development recorded in a project. It is the developmental version of Ethereum that enables developers to tinker with the platform and experiment before launch.
Improving Transaction Cost And Lower Energy Consumption
The stage usually allows developers to correct any abnormality before the actual launch.
According to proponents of the Ethereum upgrade, the shift from the proof-of-work (PoW) mechanism to the proof-of-stake (PoS) consensus algorithm will improve the overall scalability of the network. It will improve energy efficiency by up to 90%, while lowering Ethereum’s high transaction costs, among other benefits.
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