ETH traders couldn’t keep calm as ‘first dress rehearsal’ of the ‘Merge’ was…
Ethererum‘s much-anticipated “Merge” seem to be closer than ever. DeFi investors are hoping that Ethereum’s ‘Merge’ will pull the crypto market out of its current bear market.
The second-largest cryptocurrency has significantly suffered in 2022.
Data from DeFiLlama shows, that the total value of assets locked in the space has touched new lows. According to the data, DeFi TVL is less than $110 billion, the lowest since October 2021.
Moreover, on 30 May, the Ether address allegedly associated with Three Arrow Capital sent 32,000 ETH worth $60 million to the FTX crypto exchange within a span of an hour. Ergo, injecting sell-off fears.
But this might change as roads are leading to the Merge. Ethereum’s merge is undoubtedly one of the most anticipated developments in the crypto space. Here’s the first pit stop.
The Ropsten testnet on the Ethereum network is ready to set the stage for the “first dress rehearsal” of the ‘Merge’ to adopt the proof-of-stake (PoS) consensus mechanism. Core Ethereum developer Tim Beiko, on 31 May shared this news on the social media platform. The final test Merge is expected to be “around 8 June.”
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