Ethereum Up 14% as Goerli Testnet Merge Goes Live

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Decrypt
4T ago2022-08-11

Ethereum is entering the final stages of preparations for the much-anticipated Merge event after Goerli, the network’s third and final testnet, successfully switched over to a proof-of-stake (PoS) consensus algorithm on Wednesday evening. ETH was up 14% in 24 hours at the time of writing, buoyed by anticipation of the Goerli merge.

Earlier this summer, the Ropsten testnet successfully transitioned to PoS in June, and the Sepolia testnet making a similar switch at the beginning of July.

The Goerli testnet merge was announced at the end of July and happened in two phases, beginning with the pre-required Bellatrix upgrade on August 4. The second step, called Paris, was triggered today after the Terminal Total Difficulty (TTD) on the Goerli chain reached 10,790,000.

This second phase of the upgrade saw the execution layer client transition to proof-of-stake, with the next block after the switch produced by a validator operating on Beacon Chain—a PoS network that runs alongside Ethereum's mainnet.