Ethereum merge is on the way. The first-ever mainnet Proof of stake (PoS) shadow fork was successfully launched on April 11 by Ethereum developers, even as the “merge” beckons.
The test, dubbed as the “mainnet-shadow-fork-1,” is the latest and most significant step so far in the transition from PoW to PoS, according to Marius van der Wijden, an Ethereum developer named the “mainnet-shadow-fork-1.”
We're very close to a historical event. We're testing PoS on #Ethereum. Today will be the first mainnet shadow fork ever. We're roughly 690 blocks (~2 h) away from TTD. Follow here: https://t.co/T20ZMgApYw or https://t.co/Uod8WBsqtw
Huge props to @parithosh_j! #TestingTheMerge pic.twitter.com/M8ZcHnKqaL— MariusVanDerWijden (@vdWijden) April 11, 2022
The process of testing assumptions about existing testnets and/or mainnet syncing and state growth in the run-up to a merge is known as a “shadow fork.” The team has already “notice[ed] some minor issues” with certain core implementation nodes on the Ethereum network that it plans to optimize over the next few weeks.
On March 15, the development team launched the Kiln execution layer under proof-of-work, in tandem with a Beacon Chain that runs proof-of-stake. The goal of the Kiln testnet is to allow community members to experiment with running their nodes, deploying contracts, and testing infrastructure so they can get a feel for what life will be like after the merger. There are no longer any staking blocks on the Kiln mainnet.
Kintsugi was a merge testnet that combined the Kinsignia blockchain and was named after the Japanese art of patching broken pottery with gold, making it stronger and more beautiful.
Ethereum merge date
Although the merger date is yet to be revealed, Ethereum developers have provided hints as to what to anticipate. Last month’s blog post stated, “Assuming no difficulties are found with Kiln, once clients have completed the details of their implementations, the existing Ethereum testnets (Goerli, Ropsten, etc.) will run through The Merge.” The blog also stated that “Only then will it be possible to estimate the exact date for The Merge” once again if these test networks have successfully transitioned and stabilized without any problems. “Only then will it be possible to estimate the precise day for The Merge,” according to the blog.
Ethereum’s planned merger of the mainnet and Beacon chain PoS consensus before the end of Q2 is anticipated by researchers.
The merger of the two exchanges has already begun, with staked Ether value remaining stable. The current TVL for Ether is $150.34b, around 54.87% of Defi’s total value frozen (TVL) as per data from Defilama.
As demand for cryptocurrency rises, traditional market players such as Goldman Sachs and CME have introduced ether-pegged derivatives to meet the increasing demand. With Ether’s price expected to surge following the merger, pundits predict that.
What is Ethereum merge?
Ethereum is one of the most well-known cryptocurrencies on the market. It was the first cryptocurrency to include smart contracts, which enable blockchains to be programmed, and it continues to host the most apps and initiatives. However, its network suffers from heavy congestion because of its sluggishness, high gas fees, and energy use relative to a country.
What’s the solution? Introduce a completely new engine called Hive Ethereum. It must move from the proof-of-work system employed by Bitcoin (BTC) and a few other older cryptos to the more environmentally responsible and scalable proof-of-stake model. However, upgrading an automobile’s engine isn’t simple while driving down the highway.
There are currently two separate functioning systems in operation. The Ethereum merge is when the team essentially switches off the old system and allows the new one to run. It recently passed its final testnet, which is the final stage before it can make the switch. Vitalik Buterin, the creator of Ethereum, recently stated that this would happen in months rather than years.
Ethereum price
Currently, Ethereum is at $3,054.
