Ethereum Merge Progress 96% Complete, Developers Confirm Final Date
Ethereum Developers Confirms Merge for September 15
According to blockchain explorer OKLink’s “Ethereum The Merge Countdown” data, the Ethereum Merge progress is now 96.55% complete. The Ethereum network hash rate has fallen below 900 TH/s, currently near 885.23 TH/s. If the hash rate remains near 879 TH/s, the Merge is most likely to happen on September 15.
Moreover, Ethereum co-founder Vitalik Buterin earlier confirmed that the exact date depends on the hash rate. The Ethereum network needs an average hash rate of 872.2 TH/s to achieve the TTD of 58750000000000000000000 on September 15 at 04:44 UTC.
The Mainnet is set to merge with the Beacon Chain triggered by a TTD at 58750000000000000000000. It will transition Ethereum to PoS automatically, with no downtime in the blockchain.
During the Ethereum Core Developers meeting on August 18, developers confirmed a final mainnet TTD of 58750000000000000000000. It means the Ethereum Merge will officially go live after 27 days on September 15.
The developers also discussed preparations for the Bellatrix and Paris upgrades. The dates for the Bellatrix and Paris upgrades are September 6 and September 15, respectively.
The successful implementation of upgrades may pump Ethereum (ETH) prices before the PoS transition.
How the Upgrade Will Impact the Ethereum (ETH) Price
With all preparations for the Ethereum Merge now completed, the Ethereum (ETH) price may witness short-term gains before the upgrade. However, the rally will be short-lived.
Ethereum core developer Tim Beiko on Thursday confirmed the completion of the Merge Mainnet Readiness Checklist. Moreover, Ethereum Foundation had confirmed no change in gas fees, transaction speed, and ETH staking and withdrawals after the Merge.
As a result, the price fails to show upside momentum. Also, Ethereum will become a deflationary asset after the Merge, which will reduce its price. Investors can expect a true rally only after completion of the Surge, Verge, Purge, and Splurge phases. The Ethereum (ETH) price will remain volatile until then, as per crypto analysts.