Ethereum (ETH) successfully executed its historic Merge on September 15, 2022. It is termed the most significant upgrade in the history of the cryptocurrency industry.
As per ETH, the process completed Ethereum’s transition to proof-of-stake consensus, officially deprecating proof-of-work. This will eventually reduce energy consumption by ~99.95%.
Vitalik Buterin, co founder of Ethereum mentioned that it is a big moment for their ecosystem. He thanked all the people who put their efforts into the successful Ethereum Merge.
Ethereum Post Merge inflation
ETH Post Merge Inflation dashboard which is 46.15% of the proof of stake nodes for storing data, processing transactions and adding new blockchain blocks can be attributed to just two addresses.
Binance ETH/USDT perpetual funding rate
Coinglass informed that after the success of ETH Merge, Binance ETH/USDT perpetual funding rate has dropped from -0.5% to about -0.24%. However, the ETH lent on Aave is also being returned after the Merge is done.
Vitalik share insights after ETH Merge
One important corollary of this is better EIP 1559 performance (because fewer blocks bump up against the 2x limit). So far, the percentage of full blocks has dropped from ~20% to ~10%.
First PoS block reward out now
The first PoS block reward went as high as 45.03 ETH. It worth around $72,000 at current prices.
ETC hash rate soars
Ethereum Classic hash rate Soars to 92.48TH/s. It is a surge of 55.17%.
Eth price jumps by 2% after Merge
Ethereum’s price surged by 2% to trade at $1,634 after the successful merge.
First ETH PoS block produced
The first Ethereum PoS block (height is 15537394) is produced, and the package validator is: 0xeee27662c2b8eba3cd936a23f039f3189633e4c8. The last Ethereum POW block was mined by F2pool.
Vitalik Buterin confirms successful Merge
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Ethereum Merge Officially completed
The Ethereum (ETH) merge was officially completed, and the merge progress reached 100%. The current block height is 15537393.
What is Ethereum Merge?
Binance ERC-20 deposits and withdrawals halted
Deposits and withdrawals for the Ethereum network (ERC-20) will be suspended one hour before the Merge happens. At the time of the announcement, Terminal Total Difficulty Value stands at 58750000000000000000000.
On the market side, before the Ethereum Merge, ETH is trading at an average price of $1611, at the press time.