The Merge upgrade is considered to change Ethereum like never before.
Following a successful final dress rehearsal of its Merge upgrade, Ethereum, the second-largest cryptocurrency by market cap, soared to a two-month high. The Ethereum blockchain’s native token increased to $1,919, its highest level since June 1. With a market capitalization of $230 billion, ETH is currently trading at $1,881.66.
The recent surge is considered to be the result of Goerli, one of the biggest and busiest Ethereum test networks, switching from proof-of-work to proof-of-stake consensus. The new ‘Merge’ upgrade is also expected to result in a considerable reduction in ether’s supply, giving it a store of value appeal akin to Bitcoin.