The co-founder of Ethereum (ETH) says that the market still hasn’t priced in the network’s long-anticipated transition to proof-of-stake slated for next month.
In a recent interview, Vitalik Buterin says that Ethereum’s delayed merge to its Beacon Chain is currently affecting investor sentiment, but he thinks the overall narrative will turn positive after the transition is complete.
“Once the merge actually happens then I expect morale is going to go way up.
I basically expect that the merge is going to be not priced in, by which I mean not even just market terms, but even psychological and narrative terms.
In narrative terms, I think it’s not going to be priced in pretty much until after it happens.”
The blockchain pioneer adds perspective by reflecting on the process of making the first version of Ethereum a reality, noting that developing new software technologies always takes time.
“I think it’s both faster and slower. I do think that our results have been pretty mixed so far because if you compare the process of getting the Beacon Chain out the door to the process of getting ETH 1.0 out the door, ETH 1.0 took 20 months from myself writing the first version of the whitepaper to launch.
But here, we’re looking at a merge that will take maybe about 22 months or 21 months after the original launch of the Beacon Chain. And of course the original launch of the Beacon Chain itself happened after a development process.”
The CEO also highlights larger forces at play in trying to get ETH 2.0 across the finish line, namely balancing the push to complete the merge without making costly mistakes along the way.
“I think there’s kind of these two opposing pressures that we as a community have to deal with, where one is pressure that speeds things up because there’s more awesome researchers, there’s more awesome developers. There’s a lot more effort going into all these problems.
But then there’s also the pressure slowing us down, which is the desire to not break things.”
At time of writing, Ethereum is up 4.37% and trading for $1,762.
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Source: https://dailyhodl.com/2022/08/08/vitalik-buterin-issues-rare-ethereum-price-prediction-as-highly-anticipated-merge-approaches/