The Ethereum Merge Opens a New Era for the Second-Biggest Blockchain

Evaluation of all inputs, outputs, and the unseen has been finished, and the Ethereum merger has been cleaned up. Success has been declared in the long-awaited Ethereum [ETH] Merge. After much procrastination, Ethereum (ETH) is now going to become more energy efficient as it transitions to Proof of Stake (PoS), the second most important blockchain.

 

Even though the merger just happened today (15 September), we already achieved numerous important milestones. At long last, ETH has accomplished its goal. bring down its power usage by 99.95%.

No carnage in the first block’s mining!

It’s important to note that the first Ethereum block appeared at precisely 6:42 am UTC. The first block was reportedly mined at block height 155373394 in just seventeen seconds.

It took miners 58,750,003,716,588,352,816,469 attempts to create the first PoS ETH block, which was 18,559 bytes in size.

It’s interesting to note that the merger also resulted in the first PoS block reward on the ETH network. It  revealed in the Etherscan Receipt that the initial block had a reward of 45.03 ETH.

According to the analysis of the Beacon Chain, 12,983 validators helped mine the first block and earn the reward.

Anxious to take on a new challenge:

More than 30,000 members of the cryptocurrency community watched the “ETH main net merger viewing party” sponsored by the Ethereum Foundation on YouTube while the merger took place. Vitalik Buterin, the creator of Ethereum, was among the crypto luminaries in attendance.

Perhaps most notably, the ETH project’s leader addressed some of the concerns voiced by the audience. Vitalik Buterin, when asked about Ethereum’s intentions for the future after the merger, claimed that an ETH rise, border, clean up, and bust was already in the works.

This sequence of events, in his view, occurred simultaneously. They are part of a sharding process, he added. It means it offers answers for scaling Ethereum. Moreover, Vitalik added:

“Blocks will be generated more quickly. Thanks to the Proof-of-Stake (PoS) method, and the protocol that is more difficult to hack, at least in theory. We see the inclusion of many enhancements to the protocols themselves. There is a proliferation of privacy-focused applications over the next few years as a result of their scalability.

 

what was deemed a success was the hash rate of Ethereum Classic [ETC] skyrocketed to unprecedented heights once the merge, despite reaching new records. 2Miners.com reports that as of this writing, the hash rate for ETC has climbed by nearly 75%, standing at 133.59 terahash per second (TH/s).

What other kinds of protocols are there?

Similarly, the average hash rate for other protocols, such as Ravencoin [RVN] and Confluence [CFX], has increased from the previous 24-hour period.

There have been major shifts in network measurements in various areas. The number of ETH wallets has increased to its greatest level in over sixteen months, as reported by Glassnode. There are now 6516 persons living there as of the publication date.

For funding, a top network expert at Glassnode observed that short ETH traders must spend more than 280% to stay short. Regardless of the shift, ETH kept its strength at roughly $1,600.

Defillama demonstrated that the Defi ecosystem’s total value locked (TVL) decreased by 27.52%, reaching a value of $23.75 billion.

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