On-chain data analytics platform Santiment, pointed out that: 80% increase in Ethereum of the past month and the significant market interest in it can be a good sign and indicate that “it can go further”.
ETH bull run just before the merger?
The world’s second-largest cryptocurrency ETH climbed to $1927 on Thursday, its highest level since early June. The rally is largely attributed to the success of one of its test nets “Goerli”. As the merger draws closer, anticipation grows across the community.
The merger is an important event that is expected to make things faster and more energy efficient. The final testnet Goerli simulated a process similar to what the main network will perform in September.
The merger will have the underlying blockchain transition of ether from a proof-of-work system to a more cost- and energy-efficient system called proof-of-stake. Proof-of-work consensus mechanisms rely on cryptominers to verify transactions that carry more costs and environmental risks.
However, proof-of-stake networks require validators to stake a certain number of tokens to participate, making them much easier to use. The event, which has been postponed several times, is now scheduled for September 19.
ETH Validators Bet Nearly 13.3 Million ETH
ETH deployed on the network continues to rise steadily even as the merger approaches. The first validator node was established more than a year ago and since then thousands of validators have joined the effort. Several milestones have been reached along the way and most of the test networks have been successfully merged.
Considering that ETH is more than 50% lower than its all-time high, this amount is significant. A while ago, the total amount of ETH staked before the merger had grown to over 10% of the total supply. Due to FOMO and anticipation of the merger, the total number of ETH stakes has risen over 13.3 million. This shows that ETH already has about 11% of its total supply out of circulation.
Abigal .V. is a cryptocurrency writer with over 4 years of writing experience. She focuses on news writing and is adept at finding current topics. She is a fan of cryptocurrencies and NFTs.
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This post Will Ethereum’s Revival Continue After the Merger?
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