by The last upgrade before the final Merge, Bellatrix, has succeeded on the Beacon chain. The date set for the Merge is the 15th of September which is next week. While traders anticipate the Merge, Ethereum has added more value by about 7% and currently trades at $1,688.
Results of Concluding the Bellatrix
The upgrade of the Bellatrix system is the last one directly preceding the Paris step which will be the last one to finalize the upgrade. The upgrade was planned to take place at 144,896 epoch height on Beacon’s chain. That height was secured at 11:34 am UTC on Tuesday.
The Ethereum Merge is the movement of the Ethereum network from the proof-of-work protocol to the proof-of-stake protocol. The proof-of-work protocol is based on a system that requires heavy energy usage for its mining and verification processes. The proof-of-stake, on the other, hand, does away with mining activities and miners altogether and has validators instead of miners.
The current Ethereum network is made up of the proof-of-work and consensus layers. The final Merge is designed to add both layers and it would be the end of proof-of-work protocol usage for Ethereum.
The recently concluded upgrade on Bellatrix will let validators use their nodes to create blocks based on the proof-of-work protocol. The created blocks will have the Merge code in them.
What Will Ethereum Experience Next?
Since the Bellatrix upgrade was carried out successfully, the degree of participation on the Ethereum network rose to 94.94%. the number of validators that would operate offline also rose dramatically. But that was mainly because there are validators who haven’t upgraded their operating nodes to get ready before the upgrade was done.
The Ethereum Merge will be completed when the Paris upgrade is done. The upgrade is scheduled to be live and operational at the 58750000000000000000000 TTD rate. Importantly, the expected Paris upgrade concerns itself with what happens in the execution phase and it will terminate mining activities on the Ethereum chain.
The Ethereum Merge will be completed next week but the specific time is going to be solely dependent on the network’s hash rate. Ethereum’s developers’ core team will look out for any rare activities on the blockchain now that the Bellatrix upgrade has been done. While at that, investors can only hope for the asset to continue on its bullish trajectory as the final Merge gets closer.
