Ethereum [ETH] The move to Proof-of-Stake (PoS) consensus has been the most talked about topic in the crypto industry.
The madness of consolidation can be compared to the madness about bitcoins [BTC] White paper version. Amid the hype, speculation and stories surrounding ETH, it is important to consider one aspect: Are participating clients or partners ready for settlement?
Ethereum customers and developers have prepared for a successful implementation of integration or rather aim to become “merging” ready. According to the latest count, about 88% of Ethereum customers are ready to integrate the Ethereum Mainnet (execution layer) with the Beacon Chain (consensus layer).
According to EtherNodes, 88.5% of customers of the current implementation layer are “ready” to integrate Ethereum PoS. However, 11.5% did not upgrade to the latest version that supports merging.
Here, most nodes are “not ready” for a Geth client (12%), which has not yet been upgraded to Geth v1.10.23 or higher.
Other Ethereum clients with node triggers that require updating are Erigon, Besu, and Nethermind. Overall, Geth is merger ready at 88%, Erigon 92%, Besu 99%, and Nethermind 91%.
Needless to say, as the countdown began, more and more customers sought to complete ongoing tasks for a smooth transition. Meanwhile, the hype around Ethereum continues to see new horizons.
All hail merge
Well, that’s really what the patrons did besides calculating the lucky stars. For example, consider Ethereum Classic [ETC].
The ETC hash rate has increased significantly in the past three months. Like Ethereum, this was an expected result [ETH] Transitions to Proof of Stake (PoS). Therefore, many miners have chosen to switch to ETC mining.
According to 2Miners, the current hash rate of the entire ETC network has risen to 89.11 TH/s, setting historical records. Hasrate surged 264% in the two months from July 15, followed by a 24-hour increase of 7.4% in the price of ETC.
ETC holders will benefit from the influx of more demand and network facilities. The increased hash rate and the potential for increased utility can foster price speculation, which leads to increased retail demand.
The inner meaning is here
Turning to ETH, the coin has seen some insight. For example, the hourly flow of Ethereum to the exchanges experienced a massive surge right before the merger.
CryptoQuant’s chart highlighted this unprecedented increase in inflows. This means that holders of the coin are sent to a central exchange in order to short the token. However, the price may fall significantly as a result of the influx of new funds to the trading platforms
Meanwhile, Ethereum’s funding rate is also dropped to an extreme area. Short position traders dominated and were willing to push buy traders.
While this may look bearish to some, there may be a buying opportunity as well due to the selling pressure action.