On-chain data analytics platform Santiment, has pointed out that Ethereum’s 80% increase over the past month and the significant market interest on it might be a good sign and can indicate that “things can continue”.
ETH bull run just before the merge?
The world’s second-biggest cryptocurrency ETH climbed as high as $1927 on Thursday, its highest level since early June. The rally is mostly attributed to the success of one of its testnets “Goerli”. As the merge draws closer, anticipation buds across the community.
The merge is a key event that is expected to make it faster and more energy-efficient. The final testnet Goerli, simulated a process similar to what the main network will execute in September.
The merge will have ether’s underlying blockchain transition from a proof-of-work system to a more cost and energy-efficient system called proof-of-stake. Proof-of-work consensus mechanisms depend on crypto miners to verify transactions which costs more and has environmental risks.
However, Proof-of-stake networks require validators to stake a certain amount of tokens to participate, making them much easier to use. The event, which has been delayed multiple times, is now slated to take place on Sept. 19.
