Successful completion of the Merge signifies that Ethereum has made the switch to Proof-of-Stake.
One of the most anticipated occurrences in the history of the bitcoin industry is finally over. Merging the Ethereum mainnet’s proof-of-work blockchain with the Beacon Chain’s proof-of-stake blockchain is the final step in the protocol’s full shift to PoS.
It’s Officially a Merger
As of right now, the Total Terminal Difficulty for the Paris upgrade—more colloquially known as “the Merge”—stands at 58750000000000000000000.
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Ethereum’s move from a proof-of-work consensus method to one governed by proof-of-stake was completed at this point. It also introduces new dynamics for token emission and tokenomics into the protocol, both of which are likely to have far-reaching consequences for the ecosystem as a whole in the long run.
Consolidating the Beacon Chain-based consensus layer and the separate execution layer is what the Merge is all about (formerly the PoW chain).
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The fact that mining has been formally suspended is likely to have some of the most far-reaching economic consequences for ETH owners. This will cut the supply of new ETH entering the market by almost 90%, cutting the amount of money required to maintain current prices by a significant margin.
Although the Merge is now complete, Ethereum still has a ways to go before it can realize its full potential and achieve the goals set out by its developers.
What Comes Next For Ethereum?
Ethereum’s move to Proof-of-Stake has potential beyond only lower ETH emissions, however, as it will allow the network to be optimized for higher transaction throughput and greater scalability. To be clear, this won’t occur instantly.
After the Merge is complete, the network is expected to go through four distinct stages.
The Surge
The Verge
The Purge
The Splurge
While each serves a specific function on its own, their combined effect is to strengthen the network’s scalability, security, decentralization, and user-friendliness.
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