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Ethereum [ETH] The transition to Proof-of-Stake (PoS) consensus has been the most discussed topic in the crypto industry.

The excitement around Merge can be compared to the excitement around Bitcoins [BTC] publication of the white paper. Amid the hype, speculation, and narratives around ETH, it’s important to consider one aspect: Are the participating customers or partners ready for the showdown?

The countdown begins

Ethereum customers and developers prepared for the successful implementation of the Merge or rather destined to become ready for fusion. According to the latest count, around 88% of Ethereum customers are ready for Ethereum Mainnet (execution layer) to combine with the Beacon Chain (consensus layer).

According to EtherNodes, 88.5% of current execution layer customers”are readyfor the Ethereum PoS merger. But 11.5% have not yet upgraded to the latest version that supports fusion.

Here, most of the “not ready” nodes represented the Geth client (12%), which has not yet upgraded to Geth v1.10.23 or later.

Source: Ethernodes.org

Other Ethereum clients with node operators that need updating include Erigon, Besu, and Nethermind. Overall, Geth is 88% ready to merge, Erigon 92%, Besu 99%, and Nethermind 91%.

Needless to say, as the countdown began, more and more customers were looking to complete pending tasks for a smooth transition. Meanwhile, the hype around Ethereum continues to reach new heights.

All hail the merger

Well, that’s actually what the benefactors did besides counting the lucky stars. For example, consider Classic Ethereum [ETC].

ETC’s hash rate has increased significantly over the past three months. This was an expected result because Ethereum [ETH] switches to proof of stake (PoS). Therefore, many miners have chosen to switch to ETC mining.

According to 2Miners, the current hashrate of the entire ETC network has risen to 89.11 TH/s, setting all-time highs. The hashrate increased by 264% in the two months from July 15, followed by a 7.4% 24-hour increase in ETC’s price.

Source: 2 Miners

ETC holders would benefit from an influx of more demand and utility from the network. The increase in hash rate and the potential for more utility can promote price speculation, leading to increased retail demand.

Inner meaning here

Moving on to ETH, the coin saw some concerning insights. For example, hourly Ethereum inflows to exchanges saw a massive spike just before the merger.

CryptoQuant’s chart highlighted this unprecedented surge in inflows. This means that holders are sent to a centralized exchange to potentially short the token. The price, however, could see a significant drop due to the influx of new funds into the trading platforms.

Source: CryptoQuant

At the same time, Ethereum’s funding rate also soaked to an extreme area. Short traders dominated and were willing to pay long traders.

Although this may seem bearish to some, a buying opportunity could also be in place given the short squeezing motion.





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