Ethereum Merger Completed and Cleaned of Dust
Ethereum Merger Completed and Cleaned of Dust – Evaluating All Inputs, Outputs, and the Unseen.
Ethereum Merger Completed and Cleaned of Dust – Evaluating All Inputs, Outputs, and the Unseen. The long-awaited Ethereum [ETH] Merger has finally happened and has been declared a success. The move to Proof of Stake (PoS), the second most important blockchain, will now make ETH more energy efficient after several years of delay.
While the merger took place a few hours ago today (September 15), many milestones have been reached at various levels. Finally, ETH has fulfilled its mission. reduce its power consumption by 99.95%.
The first block mined – No destruction!
The most notable part was how the first ETH block occurred at exactly 6:42 am UTC. According to reports, the first block was mined at block height 155373394 and took only seventeen seconds.
As for its size, the first block of PoS ETH was 18,559 bytes with a mining difficulty of 58,750,003,716,588,352,816,469.
Interestingly, the merger also created the first PoS block reward on the ETH chain. According to the Etherscan Receipt, the reward for the first block was 45.03 ETH.
In evaluating the Beacon Chain, the report showed that 12,983 validators contributed to the mining of the first block and the reward.
Ready for a new challenge:
While the merger was taking place, over 30,000 people in the crypto community tuned in for the “Ethereum main net merger viewing party.” hosted by the Ethereum Foundation on YouTube. The live event was attended by major crypto wigs, including Ethereum founder Vitalik Buterin.
Interestingly, the head of Ethereum answered some of the questions raised by several participants. When asked what Ethereum’s post-merger plans are, Vitalik said that an ETH surge, border, clean-up, and bust are already in the works.
According to him, these events took place in parallel times. He also noted that they are part of a sharding process that is expected to provide Ethereum scaling solutions. Vitalik also said:
“The Proof-of-Stake (PoS) mechanism will speed up the completion of blocks, and hopefully the protocol will be easier to secure. There are also a number of protocol improvements. In terms of scalability, we’ll see a lot of privacy applications popping up in the next couple of years.”
Despite hitting new record highs, Ethereum Classic [ETC] hashrate soared to incredible levels when the merger was declared a success. According to 2Miners.com, ETC’s hash rate has increased by over 75% to 133.59 terahash per second (TH/s) at press time.
What are the other protocols?
Other protocols, including Ravencoin [RVN ] and Confluence [CFX], have also increased from previous 24-hour hash rate levels.
In other parts, there have been significant changes in network metrics. According to Glassnode, the number of addresses holding ETH has reached its highest point in sixteen months. At the time of publication, it has grown to 6516 people.
As for the funding rate, a leading network analyst at Glassnode noticed that short ETH traders pay over 280% to stay short. Despite this move, ETH remained in strength at around $1,600.
According to its impact on the Defi ecosystem, Defillama showed that the total value locked (TVL) fell by 27.52% and its value was $23.75 billion.
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