Today in The New Digital World, it’s a big day for both Ethereum (ETH-USD) and the major decentralized finance (DeFi) platforms. Let’s get into the news and updates – and their impact on crypto markets.
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News on the Ethereum “Merge”
Ethereum developers held their latest conference call yesterday about the big “Merge,” when Ethereum will shift from proof-of-work to proof-of-stake (more fashionable these days!) And team lead Tim Beiko gave September 19 as “the tentative target date for the merger,” as Cointelegraph put it.
I’ll admit: When Cointelegraph said “Ethereum devs confirm the perpetual date for The Merge”…
My brain interpreted it more like: “Ethereum devs perpetually confirm the date for The Merge” – which also feels like a plausible headline. This has been in the works since December 2020, when they launched the Beacon Chain, with which the current Ethereum blockchain will “merge” for this major upgrade. As I recall, the Merge was supposed to happen in June (at one point), but it’s been pushed back a couple of times since.
To be fair: There is a lot riding on Ethereum (literally). So, it’s probably best that developers get it right, rather than move fast and break things. I also admire a project that can set their own goalposts instead of slapping together a “minimum viable product” to appease the “money guys” and calling it a day.
Progress has certainly been made: As we learned yesterday, “the final trial of the Merge is set to occur on the Goerli network, which is scheduled for the second week of August. After its merger, the official Merge slated for the second half of September would become a priority for devs.”
In response: ETH is among the best-performing crypto majors in the past 24 hours. It was up about +12% when I checked mid-morning – although it’s cooled off to more like +5% (along with other cryptos) in the afternoon.
Companion chain Polygon (MATIC-USD)…
