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Just-In: Ethereum (ETH) Enters Proof-Of-Stake (PoS) Era After Successful Merge

source-logo  coingape.com 15 September 2022 05:07, UTC

Ethereum Merge has triggered successfully by the total terminal difficulty (TTD) of 58750000000000000000000 at block 15537393 on September 15 at 06:42:42. Ethereum has now transitioned to proof-of-stake (PoS) consensus after successfully completing the Paris upgrade and the Merge.

The Ethereum Merge Successfully Activated

Ethereum has transitioned smoothly to Proof-of-Stake (PoS) with the successful joining of the Mainnet and Beacon Chain. As per bordel.wtf, the Merge was triggered by TTD of 58750000000000000000000 at block 15537393 on September 15 at 06:42:42.

After the finalization, the first PoS block reward reached a high of 45.03 ETH. At the current price, it is worth over $72,000.

This marks a 99.95% reduction in energy consumption and a 90% cut in ETH issuance due to the EIP-1559 burning mechanism. During the Ethereum Mainnet Merge Viewing Party live stream on YouTube, Ethereum developers reported that Ethereum supply has already started to decline.

Ethereum co-founder Vitalik Buterin in a tweet congratulated the community and everyone involved with the Ethereum Merge.

“And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”

According to OkLink, the number of active addresses on the Ethereum network has increased by 53,011 in the last 24 hours. With the increase of over 10% of active addresses, the current daily active addresses are 586,606.

According to Ethernodes, almost 89% of clients on the Ethereum network have successfully upgraded for the PoS transition. Notably, 88% Go-Ethereum (geth), 93% Erigon, 100% Besu, and 92% Nethermind execution layer clients’ nodes are ready.

Moreover, developers reported that nearly 95% of nodes and validators have participated in the Merge. The remaining 4-5% offline nodes and validators will possibly upgrade soon. Also, developers estimated that Ethereum could lose 10% to 20% of validators.

The next steps in the Ethereum Roadmap are the Surge, Verge, Purge, and Splurge phases. Ethereum developers will now focus on improving the scalability, efficiency, speed, and security of the ecosystem.

Ethereum (ETH) Price Shows Upside Momentum

The Ethereum (ETH) price dropped to $1583 after the Merge. However, the ETH price is up nearly 2%, with the current price trading at $1640.

Catch all the Ethereum Merge live updates on Coingape here.