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Breaking: Ethereum Developers Completes All Preparations For The Merge
Ethereum core developer Tim Beiko reveals that all preparations for the Ethereum Merge are now completed as per the Readiness Checklist. The Merge Mainnet Readiness Checklist allows developers to complete tasks including software implementation, testing, document release, and research and development among others.
In fact, the completion of the Merge Mainnet Readiness Checklist brings the Merge one step closer to the anticipated date, September 15.
Ethereum Now Ready for the Merge
Ethereum core developer Tim Beiko, in a tweet on August 18, confirms the successful completion of the Merge Mainnet Readiness Checklist. With the completion of the checklist, the Ethereum Mainnet is now ready to merge with the Beacon Chain. A successful Merge will shift Ethereum (ETH) from proof-of-work (PoW) to a proof-of-stake (PoS) consensus.
The Merge Mainnet Readiness Checklist is a document outlining various tasks for Ethereum developers to “make the Merge ready for the Mainnet release.” The readiness checklist is divided into Specification, Testing, Testnets, and R&D.
Furthermore, it includes implementing software and upgrades for the consensus and execution layer, authenticating Engine API, and releasing public documents. Moreover, testing frameworks and modules on the consensus and execution layer, forking public testnets such as Ropsten, Sepolia, and Goerli.
Also, the research and development part includes Transition process analysis, Execution-layer sync, Stress tests, and Fee Market behavior changes.
The Merge Mainnet Readiness Checklist’s completion ensures on-track developments for the Merge. The Ethereum Foundation and Vitalik Buterin earlier stated September 15 as the target date for the Merge. However, the exact date depends on the hashrate.
What It Means for the Ethereum (ETH) Price
The Ethereum (ETH) price has pullback slightly after touching the $2000 level due to the FOMC meeting and deflationary pressure. In the last 24 hours, the ETH price plunged over 2%, with the current price trading near the $1850 level.
Also, Ethereum (ETH) will become a deflationary asset after the Merge because of the EIP-1559 burning mechanism. The circulating supply will dwindle after the Merge, making the ETH price dive lower. Vitalik Buterin stated earlier that the Ethereum price will again rise amid the right conditions. These right conditions will come after 6-8 months of the Merge due to the “waiting period” concept.
Moreover, the Ethereum Foundation has cleared misconceptions about the Merge. Ethereum’s gas fees, transaction speed, and staking will not have any impact after the Merge.
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