Ethereum price has reached a record 10th week of decline as red covers the entire cryptocurrency market.
Despite the price drop, data from data science startup IntoTheBlock shows that Ethereum whales and investors are viewing the current situation as a perfect buying opportunity.
someone is buying pain
The balance of Ether addresses has increased by 3.35% compared to the previous month. These addresses were reported to hold between 0.01-0.1 Ether.
According to datafeeds from Sentiment, the retail accumulation of addresses between 1-10 Ether and 10-100 Ether has also been increasing for 6 months.
The long-awaited Transition Merge has gained traction since its release was announced. And, with the arrival of the Ethereum merge, many people don’t want to be late to the party.
What, again, makes Merge so anticipated?
Merge changes the game
The merge marks a major upgrade for Ethereum, transitioning from a Proof-of-Work (PoW) mechanism to a Proof-of-Stake (PoS). After the upgrade is complete, the execution layer and the consensus layer will be merged.
The result is an Ethereum network with high scalability, security and stability. This is expected to be a breakthrough in the development journey of the Ethereum ecosystem.
After the merge (Phase 0), the team will continue its work on the implementation of the shard chain.
Improvements in sharing technology will help reduce the amount of hardware required for the Ethereum chain, making it faster and more scalable while retaining some of its inherent security capabilities.
As a result, miners will no longer be able to mine ETH, but instead have to stake ETH in validators to acquire ETH. Since the implementation of the scheme, several upgrades have been done.
Work has been underway on a peace phase since January 2020, with the primary goal of reducing the incidence and intensity of network congestion, as well as addressing the continuing problem posed by PoW mechanisms’ tendency to consume excessive energy.
Delay: As Expected
On June 8, the team at the Ethereum developer announced that the new Merge upgrade was successfully deployed on the Ropsten testnet. The good news marks a step closer to the goal of merging the two blockchains and a major transition from mining to staking.
According to an earlier statement, the merge was due to take place in early August. Despite the issues associated with stETH (ETH staking on the Lido protocol) and the Celsus lending platform, which clearly have an impact on Ethereum’s recent performance, many investors remain positive.
However, the most recent news from the core team may be discouraging to the community.
After both Beacon Chain and Ropsten identified difficulties in early June, the Ethereum development team postponed the difficulty bomb until mid-August 2022 to allow more time to study the system and discover new solutions to potential vulnerabilities. decided to do
“In short, we agreed to delay the bomb. We were already on time, and want to make sure we check all the numbers before selecting the exact delay and deployment time, but we~ We’re aiming for a 2-month delay, and to go live the upgrade at the end of June.” According to Ethereum lead developer Tim Beiko and team.
The “difficulty bomb” is a key component of the network that was coded in 2016, when the merge idea of building Ethereum 2.0 arose.
According to some estimates, switching to PoS will reduce the energy requirement of the Ethereum network by 99.9%.
In addition, other PoS networks, such as Polygon and Fantom Opera, require less power when compared to networks that use the PoW consensus approach.
While Biko didn’t mention The Merge in his recent post, the delay in the difficulty bomb may have led to further delays for the event, which is scheduled for August 2022.
As of now, no specific date has been provided for the release of Merge.