Ethereum Worth IDR58 Trillion Moved From Exchange, What's Up?
JAKARTA - Ethereum (ETH) worth 4.1 billion US dollars or Rp. 58.9 trillion has reportedly been moved from a centralized exchange in March. This leads to speculation of a bullish (bullish) price increase for Ethereum due to falling supply on various trading platforms.
According to statistics released by crypto analytics service IntoTheBlock, there is a total of 1.268 million Ethereum worth 4.18 billion US dollars or IDR 58.9 trillion with the current exchange rate withdrawn from the centralized exchange as of this month.
IntoTheBlock said that the price of Ether has increased by 32 percent in the days since 180,000 ETH was removed from the centralized exchange platform on March 15. The crypto analytics firm reported another large ETH outflow on March 23, with around 151,000 ETH removed from the exchange. On-chain analysis shows that the amount of ETH on the exchange is decreasing rapidly, which is a bullish sign.
At the time of writing, Ethereum is trading at IDR 47.8 million after hitting an intraday high of IDR 48.2 million. After rebounding from lows of Rp. 35.9 million on March 13. This indicates that Ethereum is bullish.
Ethereum transition from PoW to PoS
This is due to the ongoing transition to proof-of-stake (PoS). In a recent blog post, the Ethereum Foundation shared details about the Merge and what it expects over the next few months. This merge upgrade marks the PoS consensus.
According to the official Ethereum website, the Merge is a sign of the end of the Ethereum mainnet from PoW (proof-of-work) to PoS via the Beacon network.
“This will mark the end of proof-of-work for Ethereum, and a full transition to proof-of-stake. This is planned to precede the launch of the shard chain. We previously referred to this as "docking", writes the official Ethereum page.
According to U.Today, the existing Ethereum main network will "merge" with the PoS Beacon Chain system, completing Ethereum's transition from PoW to PoS. Ethereum developers themselves have successfully released “Kiln”, the latest combined testnet. Changes to the Kiln testnet include changes to the merge specification based on the edge cases found in Kintsugi, as well as some renaming.
The shift from proof-of-work to proof-of-stake Ethereum network is not without its problems, there were some implementation issues found. However, the Ethereum Foundation revealed that merge testing will continue with all hands on deck.
Furthermore, if no critical issues are found, the Kiln will be the newest public testnet to be launched. The Ethereum Foundation itself will share testnet and mainnet upgrade schedules through community media.