The last trial run for the merge of Ethereum has been successful on the Goerli test network, which means that nothing stands in the way of the final transition of the blockchain from proof-of-work (PoW) to the proof-of-stake (PoS) consensus procedure on September 19.
After Ropsten and Sepolia, Goerli is the third major test and, as it were, the dress rehearsal before the transformation of the smart contract platform into a PoS network.
The Goerli Testnet has activated Proof of Stake
– bankless.eth (@BanklessHQ) August 11, 2022
The “merge” is considered on the one hand as an important step for the technical realignment of Ethereum (ETH), which brings a number of improvements and efficiency gains, and on the other hand as a changing force for the monetary policy of the network, which could have a lasting impact on the price development of the second largest cryptocurrency.
Already in the run-up to the event, ETH has experienced a considerable hype and a flight of fancy, which is slowly overshadowing even the performance of market leader Bitcoin (BTC). As new figures from the crypto market researchers from Santiment now show, this climbing phase was primarily favored by transactions of large investors – the so–called whales – amounting to 100,000 US dollars or more. These increased Wal transactions indicate that large investors are currently buying more.
Wal transactions for Ethereum at a two-month high. Source: Santiment
This reading is additionally supported by the fact that institutional investors are also investing noticeably more in the leading altcoin. Thus, in recent weeks, increased investments in Ethereum mutual funds have been noted.