Barry Silbert, the founder of cryptocurrency giant Digital Currency Group, has taken to Twitter to reveal that he’s “genuinely excited” about Ethereum’s much-anticipated upgrade.
The second-largest blockchain will be able to drastically reduce its energy consumption. If the upgrade ends up being a success, Ethereum will require 99% less electricity by adopting the proof-of-stake consensus algorithm and ditching proof-of-work. Given that Ethereum remains at the center of the decentralized finance ecosystem, the transition will likely quell the concerns of climate-conscious investors. The Ethereum (ETH) price experienced a sharp rally last week. However, the cryptocurrency sharply retraced over the past two days, which indicates that the merge-driven euphoria might be dissipating.
After the merge, which is expected to take place in September, Ethereum will be only partially complete. In the post-merge era, Ethereum will undergo a series of further upgrades (surge, verge, purge, and splurge). As explained by Ethereum co-founder Vitalik Buterin, these deep changes will be happening in parallel.
It remains to be seen whether the much-anticipated upgrade will manage to boost demand for the token.