Ethereum Raises PoS Transition Expectations

Ethereum was traded at 2.595 million won per unit, up 13.36% from the same time last week. Ethereum has been on the rise this month due to expectations for the conversion of PoS. Switching from proof of work (PoW) to PoS with low transaction rates and high fees can improve transaction speeds and fees, as well as drastically reduce power consumption.


Vitalik Buterin, the founder of Ethereum, said at the domestic blockchain conference “Biddle Asia” on the 4th that Ethereum will be converted to PoS in mid to late September. In addition, the PoS conversion of Ethereum Testnet Goli was completed on the 11th. Goli is the last of the three networks, Sephoria, Robsten, and Goli, which are leading the upgrade for Ethereum mainnet merge. In Goli TestNet, the final difficulty level (TTD) surpassed 10,790,000 and was converted to a PoS network around 10:45 Korean time.


Vitalik Buterin then said on his Twitter account on the 12th (local time), “The exact timing of the Ethereum Mainnet PoS transition will be confirmed according to the hash rate, but it is expected to occur around September 15.” “The terminal’s total difficulty level is set at 58750000000000000,” he said. This means that the proof-of-work (PoW)-based Ethereum network can only mine a certain amount of hash,” he added.

However, according to foreign media, analyst GlassNode, a virtual asset data analysis company, said, “Call option orders for Ethereum rising bets were poured until September, when PoS conversion is expected, but there is little demand for call options for a month after September. Traders seem to be overcoming the risk of downward price by anticipating the situation of “selling to the news” after merging, he diagnosed. “It is very dangerous not to be mindful of the consequences of not proceeding smoothly,” said Kevin Zhou, a virtual asset hedge fund. “We recommend strategies such as in-kind Ethereum long (buy), September and December quarter (gift, option), and contract short (sell).”