Is the Ethereum merger still scheduled for August?

Well then. It hasn’t been a good two weeks for Ethereum investors as DeFi King fell below $1,700, now trading 55% below its opening price of $3,722 on New Year’s Day. .

BTC dominates

Another concern for fans of Vitalik’s creation will be the underperformance against Bitcoin over the last month or so. While the market as a whole tumbled amid macro sentiment and the fallout from the Terra disaster, there have been at least small relief rallies over the past few days for Bitcoin. Ethereum, on the other hand, is falling almost constantly.

The chart below shows its performance against Bitcoin. ETH strongly outperformed BTC in 2020 and 2021 as the bull market raged and ETH took advantage of its higher volatility and smaller market capitalization. However, as the market has turned this year, we have seen BTC reassert its dominance over all things crypto, as it always has in pullback times.

 

Additional issues

Digging into the fundamentals here raises factors for ETH’s decline beyond just the bloodbath that is taking place across the board. It’s the legendary Merge, which has been promised, postponed and re-promised for as long as crypto enthusiasts can remember. At this point, the merger triggers traumatic memories in my mind of being locked down at home in Ireland.

I think we had five lockdowns in total, ranging from three weeks to 6 months. Each brought promises that it was the last, but they just kept coming, big and fast. Curfews at 8 p.m., 2 km perimeters around his house, exercise quotas and more, it was a constant exercise without results, because our government repeatedly failed to meet its own targets and did not did not plan accordingly.

While the ETH merger is still apparently scheduled for August, last week indicated that it is far from set in stone, as it hit a wall when the Beacon chain underwent a reorganization (or reorganization) in seven blocks last week. To be exact, seven blocks from number 3,887,075 to 3,887,081 were knocked out of the Beacon chain between 8:55:23 a.m. and 8:56:35 a.m. UTC.

To translate this into non-computer language, a reorganization is the name given to an event when a block that was part of the main chain (the canonical chain) is knocked down due to a concurrent block beating it. Typically, this can happen via a malicious attack or a bug.

Ethereum developer Preston Van Loon suggested that in this case it happened due to “non-trivial segmentation” of new and old client node software, ruling out any malice. The co-founder of Ethereum, Vitalik Buterin, a Declare that his theory was a “good guess”.

My minds

It’s a hiccup but nothing to worry about long term. However, it certainly showed just how tenuous the schedule for August was. While many have long since given up on predicting the timing of this elusive overhaul, the enormity and scale of the project has certainly been underestimated by the cryptocurrency community.

Ethereum’s latest decline – its price wobbled significantly last week as Bitcoin was doing very well – can likely be attributed to this additional roadmap doubt. With the upgrade widely expected in August and the market extremely sensitive at the moment as investors are simply trying to survive, news like this will always trigger selling.

With sentiment worse in the broader market than at any time after the GFC, and cryptocurrency facing all sorts of tough questions in the wake of the Terra implosion, the space simply needs Ethereum. to hold its end of the market and come out of it successfully Merge.

I think we’re still on track for that in August – with the Ropsten testnet merger providing good news earlier today, one of the watershed events before the mainnet application. But again, I thought the lockdown would last three weeks, and I ended up spending so much time in my room for the past two years that I forgot what the sky looked like.

Hope I don’t repeat my past mistakes here.



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Is the Ethereum merger still scheduled for August?


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