Cryptocurrency Ethereum grew by 14% per day

Ethereum grew in value by 14% per day, all thanks to the successful transition of the last Goerli test network to the PoS consensus mechanism.

At the time of writing, ETH is trading at $ 1892. Earlier, the cryptocurrency had already risen in price due to the successful transition to the green blockchain of the Ropsten test network in June and Sepolia in July. Now, the last network, Goerli, has switched over, which is a test environment for Web3 developers to test their blockchain applications before launching them on the main Ethereum network. It is worth noting that Goerli differs from Ropsten and Sepolia in that before the transition, it worked on the PoA (Proof-of-Authority) consensus mechanism, not PoW (Proof-of-Work).

According to Ethereum representatives, the Goerli transition is the last opportunity for users to make sure that their PoS validators are configured correctly before the main network transition. It is expected that the transition of Ethereum to a PoS network will reduce energy consumption by 99%. According to Ethereum’s chief developer Tim Bako, the transition from PoW to PoS will take place on September 19.

As a reminder, Ethereum co-founder Vitalik Buterin recommended investors who do not believe in the success of the Proof-of-Stake consensus mechanism to invest in Ethereum Classic (ETC). Following Buterin’s recommendation, the ETC token grew by 65% in a week.