Ethereum Developers Finalize Merge Details with Testnet as ETH Soars 14%.

Ethereum

Today, Tim Beiko, Ethereum’s lead developer, announced the final details for the network’s last test before the final testing phase of the Merge.

This latest proof of testnet transition will be uploaded on the Goerli testnet, the closest simulation of the Ethereum mainnet. The Beacon Chain Goerli version is called Prater, and it will be merged with the Testnet between August 6 and 12 in an upgrade called Paris. However, before the merge, an upgrade called Bellatrix will be done on August 4 to prepare Prater for the Merge with Goerl. So, if you run a node or validator, you do not have much time left to go through the process before mainnet

The announcement stated that only one testnet remains following several devnets, shadow forks, and Merges on deprecated testnets.

It also stated that node operators must consecutively update their consensus layer and execution, layer clients. Ethereum holders and stakers will not need to take any action.

These changes will only affect node operators and testnet participants. According to prior announcements by the developers, the real deal has been slated for September 19, but it can be delayed if there are issues with the Goerli testing phase.

This month, the ninth shadow fork to test a maximal extractable value (MEV) boost feature went live. The market has described the intending merge as Ethereum’s biggest upgrade since its inception. This transition proof-of-stake ought to have happened several years ago. However, there has been constant postponement to the frustration of users and investors.

Currently, 13.1 million ETH is staked on the Beacon Chain, representing 10.7% of the total supply, currently worth around $21.5 billion. Stakers are enjoying 4.6% APY in ETH; however, they will not be able to withdraw it until several months after the Merge.

Ethereum prices have soared 14% on the day, hitting an intraday high of $1,667 during the Asian trading session this Thursday.

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