Over the last few weeks, hope that Ethereum's (CRYPTO: ETH) move to a proof-of-stake consensus mechanism is coming sooner than later helped the broader crypto market thaw from a recent freeze. Known as The Merge, this update has been in the works for years now, and should be in place by September this year.

Ethereum's programmable smart contacts are used extensively by decentralized finance (DeFi) developers to create applications like exchanges, lending platforms, and even non-fungible tokens (NFTs). This increase in use was one of the main reasons Ethereum's price rose nearly 500% in 2021. However it is also the same reason congestion increased on the network and caused fees to soar and speeds to slow. The move from the current slow and energy-intensive proof-of-work method to the quicker, less costly proof-of-stake mechanism will help Ethereum increase its network capacity while also lowering fees.

While The Merge is one of the most awaited upgrades in cryptocurrency history, recent comments from one of Ethereum's co-founders hint that the blockchain is only getting started in its long-term plan. During an Ethereum Community Conference in France this July, Ethereum co-founder Vitalik Buterin shed some light on what Ethereum's future course may hold and how the blockchain is only 40% of the way to reaching its full potential. He cited three major upgrades on the horizon named "The Surge," "The Verge," and "The Purge," and a final stage of euphoria dubbed "The Splurge." These upgrades are part of a broader vision for Ethereum to ensure the blockchain is capable of supporting more and more users years into the future.

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Source Fool.com