Ethereum Tests $1500 Amid Successful Deployment of 10th ‘Shadow Fork’

July 29, 2022, 11:00 AM AEST - 2 weeks ago

Ethereum’s 10th ‘shadow fork’ came into effect this week as the network continues to run tests ahead of the much-anticipated shift from the energy-intensive proof-of-work consensus mechanism to proof-of-stake.

As part of the preparation for the third and final testnet merge, Goerli, now expected to take place on August 10, Ethereum has been undergoing a series of shadow forks that copy data from the mainnet to a testnet:

ETH Price Volatility Since Merge Announcement

After shifting the timeline for the merge numerous times over the past two years, Ethereum’s core developers announced earlier this month that the merge was set to take place on September 19. As a direct result, the price of ETH surged almost 50 percent.

The merge, since brought forward to next month, will usher in a process in which holders of a minimum of 32 ETH can pledge their existing ETH in order to create more. The Ethereum Foundation predicts the proof-of-stake model will make the network up to 99 percent more environmentally friendly.

Since shadow fork #10 was deployed on July 26, no significant glitches have been reported. At the time of writing, the price of ETH had experienced significant volatility over the previous 24 hours, ranging from US$1,362.95 to US$1,602.61. 

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