Ethereum supporters can start the countdown as the merge is very near!
The team of Ethereum developers announced this week that the Ethereum merge on the Ropsten testnet was successful.
This means that the Proof-of-Work execution layer has successfully merged with the Beacon Chain Proof-of-Stake (PoS).
Ethereum approaches a new era
The team is one step closer to the much-awaited merger. CNBC described the event as “the most significant upgrade to a successful dress rehearsal ever”.
Similar to previous testnests, Ropsten emulates a mainnet environment, allowing developers to test multiple modifications/changes before running these changes on Ethereum’s mainnet.
Testnet plays a big role in making the last episode of the merge phase run smoothly, in which bugs or errors are resolved if any. On May 18, Ethereum developer Terence Tsao announced that Ropsten’s Beacon chain configuration had been merged.
The release has been rolled out to customers since May 30, while the full testnet transition was scheduled for today. The last upgrade before the full merger of Ropsten – the Bellatrix upgrade – launched successfully on June 2.
A June 3 update revealed that Ropsten’s proof-of-work (PoW) chain has reached terminal total difficulty of over 50 trillion and has stopped importing blocks on that chain segment.
The support team explained the terminal total difficulty in the Ropsten merge announcement:
“The merge is a two-stage process. It begins with a network upgrade at the consensus layer, starting with a slot height. This is followed by the execution layer transition from proof-of-work to proof-of-stake. which is triggered by a specific total difficulty threshold, called terminal total difficulty.
Following the success of the Ropsten test, the dev team will launch the next two public testnet mergers – Goerly and Cepolia. If everything goes according to plan and goes smoothly, we all know what’s going on.
Apcoin owners voted to stay on the Ethereum blockchain
Despite the ongoing efforts of the Ethereum team to reduce fees, this still affects the budgets of users, especially when there are significant events related to Ethereum-powered projects.
An example is the Bored Ape Yacht Club (BAYC). During the auction of other deeds — virtual lands in the BAYC metaverse Otherside — in May, the network’s transaction fees skyrocketed.
The transaction fee was absurdly higher than the land purchase fee. This sparked debate in the Apcoin community, and a vote was held.
The result was close to a tie, with 46% of Apcoin owners voting to leave the Ethereum blockchain, meaning the token would remain on the Ethereum blockchain.
This could be a blow of fate or a major warning sign for Ethereum. Several members of the community had already considered leaving.
For a long time there has been frustration among projects built on Ethereum.
The total value of DeFi smart contracts fell from $98.4 billion in February 2022 to $56 billion.
According to the DeFi Lama, the DeFi dominance ratio on the ETH blockchain is declining. Another reason could be the decline in NFT sales as users move transactions to cheaper blockchains.
PoS is expected to make Ethereum a more energy-efficient blockchain, while also significantly reducing transaction fees.
High Fees Can Go Away
The high transaction fees currently contribute to over one million failed Ethereum transactions per month. High fees have posed a significant hurdle for both developers and users today.
Ethereum, the world’s largest altcoin, has seen phenomenal growth since its inception.
Obviously, the upcoming merge event has played a significant role in increasing the recognition of ETH.
Version 2.0 of the Ethereum network is a multi-stage transition from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) consensus. The switch will enhance the scalability, efficiency and speed of the network.
So far, the upgrades we’ve seen from the core dev team and community have been very promising. And the community clearly has high hopes for the upcoming events.
It can be both a challenge and an opportunity for the team.