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

    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, the Merge was triggered by TTD of 58750000000000000000000 at block 15537393 on September 15 at 06:42:42.

    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.

    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.

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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