Ethereum finally completes its merge
One of the most important moments and the most anticipated moments in the crypto history is "The Merge." Ethereum's shift to Proof-of-Stake is now a complete project.
The second-largest blockchain in the world officially launched its long-awaited "Merge" update early on Thursday, switching the network's consensus process from Proof-of-Work to Proof-of-Stake. Over 40,000 people watched a live streaming celebration where Ethereum devs and other well-known community members celebrated the Merge's release. Vitalik Buterin, a co-founder of Ethereum, tweeted about the occasion and called it "a major moment for the Ethereum ecosystem."
When the network's Total Terminal Difficulty level, which gauges how challenging it is to mine Ethereum blocks, reached 58750000000000000000000 early on Thursday, Ethereum moved to Proof-of-Stake. This week's Bellatrix upgrade, which prepped Ethereum's consensus layer for the main event, was followed by the update known as Paris. As a result of the switch, Ethereum's Proof-of-Work mainnet and Proof-of-Stake Beacon Chain "merged," which has been compared to an airplane switching engines in midflight.
Ethereum will now rely on validators staking ETH in order to reach consensus and protect the network as a result of today's change. The Ethereum network will undergo numerous significant modifications as a result of Proof-of-Stake.
For the Ethereum community as well as the larger crypto community, The Merge is a historic event. A Proof-of-Work network of the magnitude of Ethereum has never before switched to Proof-of-Stake. Proof-of-Stake has been a topic of discussion for Buterin since 2014, and the Merge has been years in the making. Several delays plagued it before the Ethereum Foundation agreed that a 2022 launch date was realistic. During the Ethereum Foundation's viewing party, Buterin stated, "Proof-of-Stake has been a desire for the Ethereum ecosystem pretty much since the beginning."
What's next after the merge?
What the update would entail for ETH, Ethereum's native asset, was a major topic of discussion in the community in the days before the Merge. With mounting anticipation for today's launch, the second-ranked cryptocurrency increased its price by almost 100% from its June low throughout the summer. A number of the ecosystem's Ethereum-related coins, like Lido's LDO and Ethereum Classic's ETC, saw rises. ETH surged to $2,000 off the tail of the run, but it has now reversed.
Ethereum supporters' dreams of a potential "flippening" event in which Ethereum overtakes Bitcoin's market capitalization were sparked last week when ETH displayed renewed momentum and achieved a 2022 high against BTC (ETH holders have been calling for the flippening for years now). Its ratio peaked out at 0.085, but since then, it has had trouble maintaining momentum. The U.S. Consumer Price Index was higher than anticipated on Tuesday at 8.3%, and ETH suffered significantly as a result. It continued to exhibit sluggish behavior in the hours before the Merge.
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