Merge, which refers to the transition of the Ethereum (ETH) blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS), is intended to improve network performance. It should make Ethereum (ETH) even more competitive in the cryptocurrency market, because after all, Proof-of-Stake (PoS) consensus is considered more environmentally friendly and sustainable than Proof-of-Work (PoW). Recent data shows that activity on the Ethereum (ETH) network spiked completely when this move was announced.
The price of ether increased by 12.80%
According to s Twitter post from the glassnode account since July 16, the price of ether rose more than 12% after more than $98 million in short futures positions were liquidated in one hour. In the latest news, one ETH costs more than $1,200 on CoinMarketCap, showing an increase of 12.80%. This rise comes as the Merger is at the heart of media debates.
It must be said that the total locked value (TVL) of Ethereum (ETH) on DeFi applications has also increased by 4.54%. It has reached exactly 80 billion dollars. At the same time, Ether (ETH) crowdfunding is gaining momentum.. In fact, the total value of the ETH 2.0 deposit contract recently hit a one-month high of more than $17.88 billion.
These different values prove that the markets have recovered strongly in the last few days. Note that the number of transactions involving the exchange of ETH for stETH on the decentralized Curve Finance Exchange has increased since June.
The Merger could be delayed once again!
We learned through a planning calendar published by Superphiz, director of Ethereum’s Beacon Chain community, that the Merger could take place in September. But, famous Chinese miner Jiang Zhuoer, developer of Ethereum (ETH) recently said that the event may be delayed. According to him, the transition of the Ethereum (ETH) network from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is quite possible. somewhere between November and December.
According to some analysts, this delay could affect the price of ether (ETH) in the short term. Currently, some professionals are mainly concerned about ether (ETH) liquidation. It turns out that the amount liquidated in the last 24 hours was $346 million, and then it went up to $298.7 million.
Additionally, according to Glassnode, the average transaction volume on the Ethereum (ETH) blockchain has decreased significantly. In fact, it hit an 18-month low of $54.82, which is disappointing for the network.
The Merge is an event eagerly awaited by the crypto community, especially ether (ETH) supporters. But, the latter are currently concerned about the observed delay in the process even if they are satisfied, to some extent, with the recent increase in the price of ether (ETH). The Ethereum (ETH) community hopes that nothing else will cause another change in the Merger date.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who wish to remain anonymous because they are connected to the ecosystem and have certain obligations.