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Vitalik Buterin gives expected timeline for Ethereum 1.0 and 2.0 merge

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  • The merge of ETH1.0 and ETH2.0 will occur in 6 months or more from now says lead Ethereum developer Vitalik Buterin.
  • In the meantime, Ethereum validator nodes have increased to 200,000, and over $14B is now staked in ETH 2.0 ahead of migration to Proof-of-Stake.

Vitalik Buterin, Ethereum (ETH) co-founder, has spoken about the expected timeline of the Ethereum 1.0 and Ethereum 2.0 merger. He was quoted at the World Blockchain Conference hosted by 8BTC in Hangzhou Future Sci-tech City, saying:

…upcoming very soon, we have the Altair Hard Fork on the Proof of Stake chain. The London Hard Fork is under the existing Proof of Work chain. At some point, maybe about half a year from now maybe more, we will get the merge, which is when the Proof of Work chain is finished and everything on the Proof of Work chain gets moved over onto the Proof of Stake chain.

Additionally, the Ethereum CEO said that following the much-anticipated merge, a post-merge cleanup fork will ensue. The cleanup’s idea is to fix some necessary aspects not done by the hard fork implementing the merge. An example of this is that the merge won’t facilitate withdrawals.

At the moment, all who have staked in the Proof of Stake system cannot make withdrawals of their deposits or rewards. Following the merge, withdrawals will still be undoable until after the post-merge cleanup, says Buterin.

Ethereum Proof-of-Stake implementation

Thereafter, Buterin says sharding will be the second development. Data shards are capable of giving Rollups 20-50 times more space, which translates to higher scalability. Eventually, this feature will support up to 100,000 transactions per second on the future Ethereum network.

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Initially, sharding will have a basic level of security, the developer noted. However, as sharding upgrades, so will the security features. At this, he spoke about data availability sampling, which is a technology for improving sharding security. With it, nodes can verify that data in the shards is published without making massive data downloads.

Importantly, data availability sampling ensures that applications do not crush with increased scaling and huge data loads. Such an unfortunate incident would happen if blocks get accepted where there is no data access. Buterin concluded his speech, saying:

I think over the next 2 or 3 years, we’re going to see it become much cheaper to use Ethereum. And we’re going to see it become more possible for many more kinds of applications to use Ethereum. And the Ethereum ecosystem is going to become a lot more interesting and fun.

High merge expectations

The migration to Proof of Stake has received many delays in the past, which Buterin says are due to personal and not technical faults. However, there is much hype surrounding this development as validator nodes have increased by 20,000 in a month to 200,000+. Additionally, ETH staked in the network stands at over 6.6 million coins, which is worth over $14 billion.

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So far, the amount of staked ETH is 5 percent of the total circulating ETH supply. The annual percentage yield (APY) on staked ETH now stands at 6.1 percent on the Ethereum network. Meanwhile, Ethereum is now trading at $2,399, up 4.4 percent in 24-hours, according to our data.

Ethereum

Ethereum Price Prediction: ETH bears contemplate a drop to $2450

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  • ETH price is building up downside pressure while clinging to the 200-SMA support.
  • RSI remains flat below the midline, keeping the sellers cheerful.
  • A drop towards $2450 remains in the offing if the 200-SMA caves in.

Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.

ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.

The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.

At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.

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Ethereum price defending 200-SMA but for how long?

Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.

Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.

Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.  

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Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.

Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.

ETH/USD: 12-hour chart

On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.

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ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.

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ETH Locked in DeFi on Historic Highs: Details

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Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million

After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.

7,830,000 Ethers locked in DeFi

The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.

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More than 7.8M Ethers are locked in DeFi segment
Image by DeFi Pulse

As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.

Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.

The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.

Yearn.Finance (YFI), Rari Capital (RGT) are on fire

In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.

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At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.

Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.

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Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!

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Ethereum price fell amid a broad selloff in the cryptocurrency market, fueled by fears of a brewing property bubble collapse in China. 

There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.

Ethereum Price Analysis:

The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course. 

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To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.

Network Activity is Stagnant

According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment. 

Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump. 

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Santiment claims that network growth has been static for several months before the price of ETH fell.

This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.

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