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CryptoJul 7, 2022

Ethereum moves one step closer to the merge

Blockchain Upgrade

Victor Lei

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Ethereum — the second-largest crypto — just took another big step closer to the highly anticipated merge.

The network upgrade will bring Ethereum from proof-of-work to proof-of-stake — and is expected to be one of the biggest catalysts in crypto.

Catch up: Here are the major implications on the price of Ethereum.

But upgrading a network with billions of transactions running through it isn’t easy. Any upgrade errors could be costly.

Ethereum developers are in the process of running three upgrades on test networks:

They completed the first test on June 8 and the second was successfully completed on Wednesday.
Now there’s one more test upgrade before arriving on the main Ethereum network.

Since November, inflation, interest rate hikes, recession concerns and crypto liquidations have driven crypto prices. It’s been a long slide down, with Ethereum falling nearly 70% this year.

SBF here to save the day: This week, FTX CEO Sam Bankman-Fried (SBF) said the worst of the liquidity crunch has likely passed.

SBF is the second wealthiest person in crypto ($24B net worth before the crypto crash).
SBF stepped in to support the industry with loans to struggling crypto firms — and still has a “few billion” to help struggling firms.

is up 35% since it fell below $900 back on June 18. The final merge is expected to arrive between August and November.

The Joe’s Take: Don’t get too caught up looking at the short-time price movements and ignore the potential implications of the merge. When crypto prices start moving, they move fast.