Blockchain analytics platform IntoTheBlock released a New report that meant that The expected dates for the Ethereum merger are September 14th and 15th. According to this, if the hash rate on the Ethereum mainnet network averages around 844 TH/s, the expected merger date will be September 15 at 12:00 UTC.
However, with the 30-day TH/s moving average as can be seen on the chain, the merge falls closer to September 14th.
Source: IntoTheBlock
The update planned for mid-September comes as a sequel to a previous publication confirmation through the ether [ETH] Foundation about the Bellatrix Upgrade. The Bellatrix upgrade formed part of the two remaining phases for Ethereum’s transition to a Proof-of-Stake (PoS) consensus mechanism. The upgrade took place on September 6 and occurred at approximately 11:34:47 UTC at epoch 144896 on the Beacon Chain.
According to the Ethereum Foundation, the Paris Upgrade is expected to be triggered by the Terminal Total Difficulty (TTD) of 5875 trillion (TTD) of 5875 trillion expected between September 10th and September 20th, 2022.
What to expect
According to the report, the general consensus remains that the merger will be a success after a series of testnet mergers. IntoTheBlock noted that ETH netflows from exchanges have been negative over the past month to support this position.
According to the analytics platform, this suggests that investors have started to accumulate alt or buy back significantly after last month’s price drop.
Source: IntoTheBlock
In addition, IntoTheBlock noted that if the fork occurs after the Merge, all ETH coins held in wallet addresses can claim the newly forked ETHW token at a ratio of 1:1.
This will open up multiple trading and arbitrage opportunities. IntoTheBlock also believes this has prompted many large ETH coin holders to increase their holdings over the past month.
The total number of addresses holding between 10 and 10,000 ETH has also increased by 1.68% during this period in anticipation of an eventual fork.
Source: IntoTheBlock
Additionally, due to increased demand for ETH holdings, lending platforms like Aave and Compound have restricted borrowing and increased interest rates to prevent abuse of their platforms. The growing pre-merger demand has also resulted in a drop in ETH liquidity across all liquidity pools.
Miners are in trouble
IntoTheBlock believed that existing miners on the Ethereum network would suffer the most from the merger. This is because they have invested huge finances in their mining hardware on the PoW network.
Miner outflows have risen to a three-month high and an amplified sell-off of large amounts of miner holdings is imminent if the fork ETHPow chain fails to pick up.
Source: IntoTheBlock
Corresponding chain analysis,
“After The Merge, the hash rate dedicated to Ethereum mining will either disappear or disperse to other blockchains. However, don’t expect that hashrate to transition to bitcoin. Why? The equipment used to mine Ethereum is not good enough for Bitcoin.”
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.