Ethereum’s Ropsten PoS merge goes live; what does this mean for ETH?
- Developers merged Ropsten’s proof-of-work chain with its proof-of-stake beacon chain.
- The purpose of this merge is to prepare for the mainnet merge of Ethereum, which is set to take place in 2022.
- Ethereum could see an increase in value even before the mainnet merge.
Ethereum ETH/USD is one of the largest cryptocurrency networks and blockchain platforms that has gathered a reputation due to the fact that it was one of the first to implement smart contracts.
This ultimately paved the way for decentralized finance (DeFi), decentralized applications (dApps) as well as non-fungible tokens (NFTs).
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The Ropsten proof-of-stake merge as a catalyst for growth
Through a process of preparing for the Ethereum merge that is scheduled to happen later on in 2022, developers have activated the merge on the Ropsten test network.
Specifically, Ropsten was announced on June 3, 2022, but the merge occurred on June 8, 2022.
In fact, according to data from Glassnode, there is over $22.78 billion in value staked, which is ready for the upcoming mainnet merge to Proof-of-Stake (PoS).
This represents a total of 12.8 million ETH, which is 10.78% of the total supply.
Ropsten’s Proof-of-Work (PoW) chain was merged with its Proof-of-Stake (PoS) beacon chain by combining their codes into one.
This merge was critical due to the fact that it checked if client software that was using Ethereum nodes performed without any glitches.
Client software teams also participated in this merge, including Netherland, Erigon, Besu, Teku, Prysm, Lodestar, and Lighthouse.
The same process will happen to the Ethereum mainnet later on in 2022. However, a date for this has not been set yet.
This merge, however, does serve as a major practice session when it comes to the eventual mainnet merge, which will see Ethereum transition from PoW to PoS as well.
Should you buy Ethereum (ETH)?
On June 9, 2022, Ethereum (ETH) had a value of $1,809.87.
In order for us to get a better perspective as to what kind of value point this is for the ETH cryptocurrency, we will be going over its all-time high point of value and then going over its performance in May.
Ethereum (ETH) reached its all-time high on November 10, 2021, when the token reached a value of $4,878.26.
When we take a look at the performance made throughout the previous month, Ethereum saw its highest point of value on May 4 at $2,951.12, while its lowest point of value was on May 28 at $1,724.92.
Here we can see that Ethereum (ETH) decreased in value by $1,226.2.
However, Ethereum is starting to get back up and value, and with the confidence gained from this successful merge, we can expect ETH to reach $2,200 by the end of June 2022.