Ethereum [ETH] and what’s to come with the ‘Merge’s’ first testnet run underway
Ethereum developers have successfully merged the veteran Ropsten testnet with its beacon chain. This marks one of the last steps before the ultimate penultimate mainnet transition scheduled for August. In other news, whale activity is signaling a price reversal for Ethereum investors.
Prominent Ethereum whisperer Paritosh updated on the Ropsten merge on his twitter feed. With the latest testnet merge, the mainnet transition is only a couple of steps away now.
The developers will constantly check for bugs on the Ropsten merge. With this being the first testnet to merge, bugs were expected from the Ethereum team. Paritosh reported the same in one of his tweets but assuring clients that they will be fixed soon.
“Some client pairs timeout while building a block and propose with 0 transactions in them. This would affect the throughput of the chain. We saw this in shadow forks too! Fixes incoming!”
Ethereum Core Developer Tim Beiko told CNBC about the landmark merge and what to expect further. Two more testnets, called Goerli and Sepolia, will now undergo the same merges before the mainnet transition.
“We’re looking for less friction every time. Hopefully the minor issues we’ve seen today are resolved by the time we upgrade the next testnet,” he said.
Is more enough?
There is more good news for the Ethereum community as per the latest Santiment tweet. The top 10 Ethereum non-exchange whales are maintaining a high ratio of ETH owned over the top 10 non-exchange whales.
The ratio stands at 3.4x which is huge news for investors seeing their whales still believing in a price reversal. The news has lifted investor confidence in the asset as whale movement usually dictate price action across major cryptocurrencies.
With ETH hovering just below $1,800 right now, accumulation can be tricky for investors right now given the recent dips. This also explains the fall in volume, down by 35% in the past day.