On the Ethereum network, The Merge was activated on Thursday. The blockchain switched to the Proof-of-Stake (PoS) consensus algorithm, which does not require mining. Cryptocurrency almost did not react to such a significant event. Today, September 15, at 9:42 a.m. Moscow time, developers have activated a large-scale update of The Merge in the Ethereum main network, said ETH lead developer Tim Beiko. Activation took place on block #15537394. “Tipping” miners amounted to 44.5 ETH. The successful transition of the cryptocurrency network to PoS was confirmed by its founder Vitalik Buterin. According to the developers, there were no failures or errors during the update process. The blockchain has been successfully transferred from the Proof-of-Work protocol to Proof-of-Stake (PoS). This means that now the security of the blockchain will be provided not by miners, but by validators – users who have deposited and blocked their share of coins (staking). Immediately after the update, Ethereum added about 4% for a short time, but then lost all the achievements. The main purpose of The Merge is the need to avoid the problems associated with the growth of the number of users. The hard fork aims to increase the speed, efficiency, and scalability of the cryptocurrency network so that it can process more transactions and provide a higher level of security. The validator participation rate exceeded 96% with 66% allowed, according to Nansen. After the upgrade, the Ethereum network may split. Previously, the largest crypto exchanges, including Binance, Poloniex and others, announced that they would credit users with ETH and WETH with new tokens if they appeared in a 1:1 ratio. In the near future, we can expect an increase in the volatility of Ethereum and related crypto assets. In the long term, The Merge will serve as the basis for future system upgrades and “building the base layer for the new Internet.” Source: FXPro

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