Ethereum activates its long-awaited Merge upgrade, in development since 2020, and transactions are now being processed under proof of stake

- The Merge upgrade is transitioning Ethereum from proof of work to proof of stake. — The Merge is one of the largest technological events in the industry to date.

The Block 2022-09-15 Mike Truppa

Context & Ripple Effects

Ethereum's mainnet change follows a Ropsten testnet deployment and the core developers' September 15 target, turning a long-running implementation plan into live network operation. Related coverage framed the move around an expected energy-use reduction of more than 99%, making the consensus change consequential beyond Ethereum's own technical roadmap.

First-order effects

Ethereum transaction validation now runs under proof of stake, displacing proof-of-work mining as the mechanism that processes transactions on the network.
Ethereum's energy profile is expected to fall sharply relative to its prior proof-of-work operation, based on pre-Merge estimates in related coverage.

Second-order effects

Ethereum miners lose the network's proof-of-work demand, while validators become the participants directly responsible for processing transactions.
The lower-energy operating model changes the trade-off for developers and applications evaluating Ethereum against proof-of-work networks.

Third-order effects

If proof-of-stake operation proves durable, Ethereum's security model shifts infrastructure investment away from mining hardware and toward validator participation.
The Merge is a test case for whether a major programmable blockchain can change its core consensus mechanism without abandoning its existing application ecosystem.

The trend: Major blockchain networks are seeking to reduce proof-of-work infrastructure dependence by moving transaction validation to staking-based systems.

Discussion

@koeppelmann @koeppelmann on x
The block times of the last 100 blocks! Amazing stability after the merge! Only 1 missed block. This is really the best case scenario! https://twitter.com/...
@cirrusnft @cirrusnft on x
Someone just paid 36 ETH in gas to mint this The first minted NFT on proof of stake https://twitter.com/...
@vitalikbuterin @vitalikbuterin on x
“The merge will reduce worldwide electricity consumption by 0.2%” - @drakefjustin
@cz_binance @cz_binance on x
Merge successful. POS activated. We are all still here.
@vitalikbuterin @vitalikbuterin on x
One important corollary of this is better EIP 1559 performance (because fewer blocks bump up against the 2x limit). So far, the percentage of full blocks has dropped from ~20% to ~10%. https://etherscan.io/... https://twitter.com/...
@tobi Tobi Lutke on x
Leadership. Vitalik moves etherium forward by merit borne legitimacy and nothing else. This is extremely rare. https://twitter.com/...
@cobie @cobie on x
ETHW airdropped on FTX
@buchmanster Ethan Buchman on x
Mazel tov Vitalik, core eth devs, and the whole @ethereum community on this huge achievement! Welcome to Proof of Stake! https://twitter.com/...
@petermccormack @petermccormack on x
I can't help but feel that the Ethereum Merge is their S2X moment. Where #bitcoin defended against a push for centralisation, Ethereum has failed. The consequences will likely be felt some time down the road. (See below for patronising Udi comment).
@yugalabs @yugalabs on x
Congratulations to the entire Ethereum team on a successful merge. This is a historic moment for us all and a big step in scaling Ethereum to it's first billion users. We hope you're celebrating this morning, we sure are!🍾cc: @VitalikButerin, @TimBeiko, the @ethereum foundation.
@ercwl @ercwl on x
The current stock-to-flow of various assets (higher is better): Platinum: 0.4 Palladium: 1 Diamonds: 19 Dogecoin: 24 Litecoin: 26 Silver: 33 Gold: 58 Bitcoin: 58 ETH: 195
@preston_vanloon @preston_vanloon on x
The first block on PoS had a block reward of 45 Ether! https://etherscan.io/... https://beaconcha.in/... https://twitter.com/...
@vanityblocks @vanityblocks on x
You make the commitment and nature will respond to that commitment by removing impossible obstacles. Dream the impossible dream and the world will not grind you under, it will lift you up. This is the trick. https://opensea.io/...
@countertrademoi @countertrademoi on x
31 eth was paid to ensure the whole last PoW block was commemorated as an NFT (the last of its kind) https://opensea.io/...
@olimpiocrypto @olimpiocrypto on x
ETH MERGE 🐼✅ Congrats to the Ethereum community for their hard work all these years. Record this moment - a few historic POAPs / Mints right now 👇 https://twitter.com/...
@ryansadams Ryan Sξan Adams on x
“This is the first step in Ethereum's journey in being a mature system” “To me the merge symbolizes the difference between early stage Ethereum and the Ethereum we've always wanted” @VitalikButerin's first words after the merge.
@0xtransition @0xtransition on x
I got the first transaction
@lhm1 @lhm1 on x
every ETH Merge celebration livestream i've seen is just 1000 men in a room
@evanluthra @evanluthra on x
ETH just pivoted it's business model. Time will tell how successful this pivot is but I am on the side of the environmentally conscious and I am buying more ETH every day. LFG! Moon landing imminent! 🌚 🚀 https://twitter.com/...
@jomaoppa @jomaoppa on x
How am I supposed to make a video on the merge if it went that smoothly? https://twitter.com/...
@kanavkariya Kanav Kariya on x
Greatest feat of decentralized coordination we'll ever see Mind breaking to think of the years of work and logistical coordination across hundreds of institutions to pull this off All in an endeavor to come to consensus on a few megabytes of state every minute. Incredible https:/…
@coinmamba @coinmamba on x
Even though we are usually focused on short term price action, the benefits of the Merge will be felt gradually. Much smaller emissions will ease of of the selling pressure. And the reduced energy cost will open the door for institutions to invest without concern.. $ETH
@ljxie Linda Xie on x
Holy shit congrats and thank you to everyone who worked so hard in making the merge a success. Feeling emotional seeing the Ethereum community come together for this moment and how far it has come ❤️
@rauljordaneth @rauljordaneth on x
We just finalized the merge epoch. Finalized the #Ethereum chain with proof-of-stake enabled
@crypto @crypto on x
THREAD 1) The Ethereum Merge just happened. What does it mean and why is it a huge deal? @suvajourno explains one of the crypto world's most ambitious makeovers.
@ayamiyagotchi Aya Miyaguchi on x
1/ The path toward the Merge wasn't something that could have been predicted from the start. It took real growth, an evolution of ideas and research, a flourishing number of developers and contributors, a more diverse client community, and a maturing system of self governance
@davidgerard @davidgerard on x
well done to Ethereum on finally getting off PoW https://davidgerard.co.uk/...
@0xhustler @0xhustler on x
Congrats to everyone that survived the merge. You are officially an OG in this space.
@econoar @econoar on x
Can't say enough about all of the builders, researchers, coordinators and more that made this all happen. It's an absolutely incredible feat to transition a globally used blockchain to PoS without most end users even noticing or having to do anything. Truly incredible. Cheers.
@dimahledba @dimahledba on x
🐼🐼🐼🐼🐼🐼🐼🐼🐼🐼🐼 And we merged! Happy merging to the whole #Ethereum community. This instant will marke the history! #TheMerge 🐼🐼🐼🐼🐼🐼🐼🐼🐼🐼🐼
@altcoinpsycho @altcoinpsycho on x
3AC watching the merge from afar must feel like a kid being grounded on the 1st day of summer, watching all his neighbors play outside without him
@punk6529 @punk6529 on x
it is official. congratulations to everyone who worked on this. and you can all go to bed now! https://twitter.com/...
@viktorbunin @viktorbunin on x
That was so smooth! It's almost like spending years researching, pivoting roadmaps, funding multiple client teams, iterating methodically, launching in stages, commissioning audits, thoroughly testing, formally verifying, and conducting dozens of dry runs worked 🤔
@cennydd Cennydd Bowles on x
Ethereum switched to PoS at last. Doesn't address crypto's ugly political maladies, and of course it's only one of many crypto ecosystems. But credit where due: this an important start toward addressing the sector's dreadful climate impact. https://twitter.com/...
@ryansadams Ryan Sξan Adams on x
I guess Ethereum can ship. Who knew. You gonna doubt sharding next?
@dappradar @dappradar on x
1/ 🎊 Congratulations to @ethereum on making the Merge a reality. After years of preparation, Ethereum is transitioning from a proof-of-work to a proof-of-stake consensus mechanism. It is going to be an exciting time for Ethereum, all #ETH Maxi's, and the crypto space in general.
@punk6529 @punk6529 on x
Needless to say, neither side should annoy each other. BTC and ETH have 100x more in common with each other than the existing systems and should be happy for each other to succeed. Each have taken their bet, it is now time to build adoption, the only thing that matters.
@ethereumjesus @ethereumjesus on x
Do Kwon is going to jail and The Merge finalized. Greatest day in Crypto history,
@0xfoobar @0xfoobar on x
The merge transition block has been officially justified (halfway to finalization). One more 6-minute epoch, and then the merge will be finalized!
@dystopiabreaker @dystopiabreaker on x
this is the top comment on the top post on HN https://twitter.com/...
@darrenlautf @darrenlautf on x
LFG https://twitter.com/...
@nekoztek @nekoztek on x
Ethereum, the second most capitalized cryptocurrency, successfully passed The Merge update. This merged the Beacon Chain and the core network into one. #Ethereum now runs on the PoS consensus algorithm. https://twitter.com/...
@bgarlinghouse Brad Garlinghouse on x
Truly an incredible technological feat - congrats Ethereum community on the merge!
@0xfoobar @0xfoobar on x
I DO NOT GIVE VITALIK PERMISSION TO MERGE MY ETH Did you know you can opt out of the merge? By Ethereum law you can refuse to be a part of the experiment. Repost this to spread awareness, and tag @VitalikButerin to let him know he does not have permission to merge your ETH
@cobie @cobie on x
Do you think the NFT haters will update their arguments regarding a single NFT using the same amount of energy as Sweden ?
@route2fi @route2fi on x
$ETH has officially merged and is now proof-of-stake! Rumors say Vitalik's size speeded up the process. https://twitter.com/... https://twitter.com/...
@ryansadams Ryan Sξan Adams on x
September 15th. The day of the Ethereum merge. A historic day crypto. A historic day for the internet. A historic day for the world.
@vitalikbuterin @vitalikbuterin on x
And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
@davidpan_1 David Pan on x
Billions of dollars worth of mining equipment ceases to mine Ether. Hundreds of thousands of people unplug their graphic cards. All these will happen in less than 12 hours. The shutdown of largest Ethereum mining pool marks the end of an era 🫡🫡🫡 https://www.bloomberg.com/...
@crypto @crypto on x
After the Merge, as many as one million people with over $10 billion worth of mining equipment will have to unplug the graphic processing units they used to mine Ether https://www.bloomberg.com/...
@cryptojrc7 @cryptojrc7 on x
There's going to be alot of graphics cards going cheap very soon #NVIDIA https://twitter.com/...

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