The cryptocurrency business is riddled with sell-offs and layoffs. However, Ethereum engineers are working toward the Merge, which is the blockchain network’s forthcoming transition to a better, more energy-efficient process for releasing blocks and remaining safe.

The potential to modify is regarded to be significant. All have applauded Ethereum as it prepares for the ‘Gray Glacier’ update. The update is being rolled out to the mainnet within the next few days. It is designed to postpone the Ice Age (Difficulty Bomb) by approximately 100 days.

The Ethereum blockchain will now be upgraded to block 15,050,000, which is scheduled for June 29. It should be noted that Gray Glacier will still not be released on any testnet.

Binance To Support ETH Upgrade

Binance said two weeks ago that it will enable the ‘Ethereum (ETH) Blockchain Upgrade on its platform. As a result, financial transactions of ETH and ERC-20 tokens will be stopped on the site beginning June 29. Nevertheless, trade-in of such currencies will be unaffected by the network change.

It’s important to note that the Ethereum Foundation’s (EF) statement had no effect on the value of ETH. Since April, the cryptocurrency has now been anchored on the bearish end.

On the quantitative front, the unusual spike in quantity shows that, regardless of ETH’s price trends, the currency has been frequently transacted. The velocity does not indicate purchases and sales activities, but this also indicates investor confidence. 

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Nonetheless, the social dominance statistic may be the most concerning for existing shareholders. It has been gradually declining since topping at 15.34% on June 12th.

Furthermore, Ethereum competitors are currently enjoying ETH’s credibility.

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However, Ethereum users are not to be concerned or respond to the Gray Glacier update. It is unlikely to have any effect on their ETH ownership.