Ethereum kicks off the Merge's general rehearsal
After years of preparation, multiple testnets, and a few delays, the major Ethereum network upgrade is approaching: the Merge will ensure the switch of the consensus process from Proof.
After years of preparation, multiple testnets, and a few delays, the major Ethereum network upgrade is coming: the Merge will ensure the switch of the consensus process from Proof of Work to Proof of Stake. The Ethereum Foundation has now released details of the latest dress rehearsal as the first miners throw in the towel.
Final Merge test
With the merge of the two testnets "Görli" and "Prater" Ethereum brings the last test for the merger onto the stage. It is planned that the merge will begin on August 4 with the Bellatrix upgrade that prepares the Prater network for the merge. Between August 6 and 12 the merge of the two testnets is expected to be completed, according to a blogpost.
Prior to this, the Sepolia testnet had already been converted to Proof of Stake. The Görli-Prater merge is the final test. "After years of work," the Ethereum Merge is therefore in the final testing phase, the Ethereum Foundation explains. A date for the actual merge has not been officially set. But if preparations go as planned, it could be in September.
Ethereum addresses rise — hashrate falls
As the fine-tuning of the merge takes shape, demand for Ether is rising. About 1.5 million addresses currently hold at least one Ether — a new record. At the same time, Ether holdings on exchanges have shrunk to 20 million ETH.
Meanwhile, the first miners are already pulling the plug. The compute power (hashrate) entering the system has fallen 16% from the peak reached in mid-May.
After the merge
The consensus change marks a major network intervention that is expected to usher in a new era for Ethereum. Aside from the ability to stake, little is likely to change for users at first. The merge paves the way for a series of further improvements that should make the vision of the “world computer” more concrete.
The first upgrade after the merge focuses on staking payouts. In subsequent steps, the focus will be on integrating Layer 2 networks, which should significantly scale Ethereum. More applications and transactions with lower costs, substantially improved energy efficiency, and higher developer and user-friendliness: If all goes smoothly, Ethereum should solidify its position as the largest smart contract platform with the Merge.
