- Ethereum completed The Merge and is anticipated to move in a bullish state.
- ETH blockchain has changed from Proof of Work (PoW) to Proof of Stake (PoS) consensus.
The biggest upgrade of the blockchain industry is finally live as The Ethereum Merge is complete. This marks the beginning of the Ethereum 2.0 era. The Merge integrated the Mainnet and the Beacon Chain as the consensus layer and the execution layer on Ethereum PoS blockchain.
The ETH Merge
The Merge included three prominent testnets Ropsten, Sepolia, and Goerli, making the Ethereum network advance towards the actual Merge transition. As per the developers, it includes two upgrades Bellatrix and Paris.
The Merge leads to a cutoff of energy consumption of nearly 99.95%. Ether (ETH) becomes a deflationary token as its supply is expected to be burned 0.6 million per year.
Now, Ethereum is going to focus on the next upgrade that is the Shanghai Upgrade. The next series of upgrades – The Surge, The Verge, The Purge, and The Splurge, is queued up.
Though the 2nd largest cryptocurrency has successfully entered into PoS, the miners are resistant to adopt the current hype. Due to this shift to PoS, the revenue of the miners will profoundly get affected.
At the time of writing, ETH is trading at the price of $1,607 with circulating supply of 122,372,547 ETH and 24 hours volume $20,076,770,064 and market cap of $196,665,715,43.
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