Ethereum integration is scheduled to launch in September.

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Ethereum developers have set a date of September 15th to 16th for the network to complete its “merger” into proof-of-stake. The number one smart contract network has completed its final testing of the update on the Goerli testnet today. The phenomenon has become the leading narrative in the crypto space in recent weeks, and ETH has benefited from the stimulus.

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Ethereum completed its final integration earlier today.

Ethereum integration is weeks away

The most anticipated crypto event of the year has a tentative launch date.

On today's Consensus Layer call, developers set the “consolidation” for the mainnet launch, which is expected to take place between September 15th and 16th. Ethereum Foundation's Tim Beiko confirmed the update on his Twitter page, confirming the target total terminal problem at 58750000000000000000

5875000000000000000

– Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) August 11, 2022

Total terminal difficulty refers to the difficulty required to mine the last block of Ethereum. At that point, the network will turn off proof of work and move to proof of claim. An update called Bellatrix is ​​scheduled to go live on September 6, while the second integration episode, called Paris, is slated to land when TTD hits. 5875 billion expected from September 15 to It's in the 16th.

Even if the day theoretically raises any issues, it's the clearest sign yet that Ethereum is about to move forward with its long-awaited proof-of-concept move.

The number one smart contract blockchain has completed its final test run for integration on the Goerli testnet earlier today, taking the network another step closer to the event itself. Beiko previously suggested a September 19 launch date, though that was never set in stone.

Barring any final hurdles, Ethereum will “merge” the Proof-of-Work mainnet and the Proof-of-Stake Beacon chain between September 15th and 16th and move the network to a Proof-of-Stake consensus mechanism. The update is expected to bring several benefits, including a 99.9% reduction in energy consumption and a 90% reduction in ETH supply, as the protocol no longer needs to pay miners to add new blocks to the chain (they are added by validators with collateral). ETH instead).

Proof of stock Ethereum It has been discussed since 2014, but has faced years-long delays in popularity. A number of key crypto projects and the Ethereum community itself have widely supported the update, although in recent weeks some crypto advocates have floated plans to yank the proof-of-work version of Ethereum to protect the ecosystem for miners. TRON's Justin Sun and prominent miner Chandler Gou are big advocates for the fork plan, although their plan is not yet complete. USDC and USDT issuers Circle and Tether have said they support the merger rather than a proof-of-work fork.

As the merger draws closer, it has become the dominant narrative in the crypto space in recent weeks. Ethereum creator Vitalik Buterin last month thought the merger narrative was “undervalued,” though he clarified that he was referring to the event's psychological impact rather than the crypto market.

Still, whenever the market has rallied in recent weeks, ETH has tended to lead the rallies. It's trading nearly 100% off its June lows, when it fell below $900 in panic over the catastrophic implosion of Three Arrows Capital. It has crossed $1,900 following the launch of Goerli's testnet.

ETH is currently trading below $1,900, making Ethereum's market cap $227.3 billion. The dominance of the world kriptovalyutnyh market capitalization is about 18.8%.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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