Ethereum’s main developer announces that merger or formal transition to proof-of-stake won’t happen in June
The Ethereum (CRYTO:ETH) blockchain activity expected to have been delayed for the “maximum time” appears to have been delayed.
The final Ethereum’s Tim Beiko tweet announcement, or the official transition to proof-of-stake (PoS) for developers, will not take place in June.
It won’t be June, but probably in the next few months. No firm date yet, but we’re definitely in the last chapter of Ethereum POW
— Tim Beko | TIMBEIKO.ETH (@TIMBEIKO) April 12, 2022
Developers have yet to agree on a release date for The Merge, Beiko said, but noted that Ethereum is in its final stages as a proof-of-work (PoW) blockchain.
because it matters
The merger event is widely considered to be the main catalyst for Ethereum’s appreciation.
Last week, analysts at Bloomberg Intelligence said that Ethereum is “undervalued,” but will begin to close the valuation gap as it gets closer to The Merge.
Analysts used the same 25x exit multiple as Apple to simulate Ethereum’s growth trajectory. Apple – 3.86%
. They set a $9,000 price target for the second-largest cryptocurrency.
Members of the crypto community were somewhat disappointed by Beiko’s confirmation of The Merge’s delay. The event was initially expected to take shape in 2019.
This isn’t “early 2021” either, we’re about 4 years into the “last chapter”. What and how many um… frequency between months, years, decades? https://T.CO/NGSUA2QWMN
— (@LOOKFIRST) April 13, 2022
According to Jesse Pollak, Head of Engineering at Coinbase Global Inc Coins – 7.92%
, the technical sophistication behind The Merge justifies any delay in its delivery.
The ETH merger is probably the 5 most complex technology, organization, and incentive migrations in human history.
It annoys me so much when people are nitpicking or attacking teams for small changes in the timeline, especially when we’re so close and people work so hard.
— Jesse Pollack (JESSE.XYZ) (@JESSEPOLLAK) April 14, 2022
According to data from Benzinga Pro, ETH has gained 3.64% in the past 24 hours to $3,138.