Today, Ethereum completed one of the most important tests before the merger, and the encryption world is about to usher in an extremely important change.
On July 27, Ethereum announced that Bellatrix was upgraded to Goerli's beacon chain Prater, in preparation for the testnet merger. On August 4th, the Bellatrix beacon chain was activated to make final preparations before the merger. At 1:45 UTC today, the Total Terminal Difficulty (TTD) exceeded 10,790,000, the Georli testnet merged with the beacon chain, and the Georli testnet officially transitioned to PoS proof. And this is also the last testnet for Ethereum to be merged before the official upgrade.
Now that Ethereum has completed one of the most critical tests since its inception, we just need to wait for the mainnet to merge. Just now, Vitalik Buterin said that after the completion of the Ethereum PoS merger, with the help of Rollups, the gas fee may be reduced to between US$0.002 and US$0.05.
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Was the upgrade successful?
Since the establishment of Ethereum, it has been using Pow as a consensus mechanism. In the huge ecosystem of Ethereum, miners and mining pools have also occupied a place for a long time. However, the energy consumption issues surrounding PoW have always caused it to be criticized. Although PoS can significantly improve the energy consumption problem, the discussion on system security and centralization has become a new storm eye.
At present, the PoS transformation of Ethereum has only a finishing touch.
Ansgar Dietrichs, a researcher at the Ethereum Foundation, considered the test a success. He tweeted that the measure of success in an exercise like this is when it is finally completed. Another partner at Galaxy Digital said that while engagement has dropped after the merger, it may be that some of those clients are having issues. But overall, the merger was still a success.
However, Shenyu’s tweets also triggered discussions among netizens. At around Epoch time 113787, a large number of blocks were in the “Missed” state.
Ethereum developer Marius Van Der Wijden tweeted that due to two different terminal blocks and a large number of nodes that were not updated, there was some chaos on the network, so we didn't finish it earlier. But he still did not forget to remain optimistic, "We are investigating what happened, but it looks good so far."
Odaily found that, as of the time of writing this article, the problem still exists, and it lasted for a not-so-short period of time.
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ETH is active
The success of the Goerli merger also drove the price of ETH to soar.
Yesterday, the U.S. inflation data was released, which was lower than market expectations, and the encryption market ushered in a recovery. Or due to this dual factor, the price of ETH fluctuates quite violently. According to data from CoinMarketCap, the price of ETH rose by 11% in 24 hours, reaching as high as $1,900 at one point.
The ETH/BTC exchange rate continues to rise, and ETH leads this round of market recovery. In addition, it is worth noting that the recent activities on the BTC chain are slightly different from those of ETH. On August 6 alone, nearly 60,000 BTCs flowed into the trading platform.
The Arcane Research report shows that in recent days, ETH's uncontracted position data has soared to 4.2 million ETH. This shows that a large number of contracts are still open in the market at present, adding to the possibility of volatility in the future direction of the market. Arcane Research's backtracking data found that the current number of ETH contract positions is the second highest in history, only slightly lower than the all-time high of 4.21 million on July 14 this year.
Also recovering with the market is the DeFi ecosystem.
DeFiLlama data shows that the TVL of Ethereum has gradually recovered from the lowest point last month, and has now risen to above US$40 billion. The total lock-up volume of DeFi has exceeded 70 billion US dollars.
At present, with the improvement of the US economic data and the merger of the ETH main network, the two heavyweight hotspots, the ETH market is still continuing.
