- Ethereum is on the verge of a major upgrade that could see the supply issuance of ether drop 90%.
- Slated for Q2 2022, ethereum will switch to proof-of-stake from proof-of-work after the upgrade.
- Vance Spencer explains why there’s so much excitement about ETH price and staking after “The Merge.”
As a self-professed “gigantic ETH bull” who has been involved in the ethereum community since 2015, Vance Spencer could not be more excited about the upcoming ethereum merge.
The co-founder of Framework Ventures is not the only one who has been keeping his eyes peeled for any news and updates about the major network upgrade. People around the world are curious to find out more as search volumes for “ethereum merge” hit an all-time high last week, according to Google Trends data.
The growing interest in ethereum has come at a time when ether (ETH) charts a bullish upward trend. The second-largest cryptocurrency has surged 22.6% in the past two weeks to trade at $3,456, compared to bitcoin (BTC)’s 12.8% ascent during the same period, according to CoinGecko data.
Dubbed “The Merge,” the upgrade will officially see ethereum switch to the proof of stake consensus from the proof of work algorithm that powers bitcoin. Both mechanisms enable a distributed network of participants to verify blockchain transactions, but they differ in how they achieve consensus.
