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

Ethereum has transitioned to proof-of-stake (PoS) consensus after successfully completing the Paris upgrade and the Merge.
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Just-In: 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 15537394 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.

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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 15537394 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.

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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.

Moreover, most exchanges and protocols stopped ETH withdrawals, deposits, and trading services before the Merge. It resulted in less movement in the ETH price during the Merge.

Catch all the Ethereum Merge live updates on Coingape here.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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