– The final stage before the Ethereum Merge, the Bellatrix hard fork, has been completed – The last stage, the “Paris” upgrade, is expected to go live between September 10th and 20th – Ethereum price surges, outpacing bitcoin’s growth
The Bellatrix hard fork, the last crucial upgrade before Ethereum transitions from proof-of-work (PoW) to proof-of-stake (PoS), has now been activated. The Bellatrix upgrade aims to ensure that validators are generating up-to-date Beacon Chain blocks, which will seed the codebase ahead of the Merge. With that, the “first step” in the Ethereum “merge” activation procedure has begun.
Each Ethereum node currently exists on two different layers – the PoW layer (currently the main network) and the consensus layer (C layer). The proposed Merge would see these two layers combined into a transition to a PoS-based system. The Bellatrix upgrade aims to enable validators to produce updated Beacon Blocks containing the code for merging the two layers.
As of now, almost 73% of the nodes are said to be “merge-ready,” which means they’re ready to combine. According to the release schedule, the Merge will occur in the so-called “Paris” upgrade. It’s a part of the transition at the execution layer, and it will be activated by Terminal Total Difficulty (TTD) of 58750000000000000000000. If the execution layer surpasses this TTD, then the following block will be created by a validator on the Beacon Chain.
Ethereum developers will be on the lookout for signs of trouble with Bellatrix, hoping that a smooth upgrade occurs. Ethereum warned that a non-upgraded client would sync to the pre-fork blockchain. Ether increased 7.2% in price after the upgrade, outpacing bitcoin’s growth by approximately 6%. In the same period, Lido Finance’s staked Ether product, represented by Staked Ether Lido Staked Ether, has grown 6%.
According to predictions by the Ethereum Foundation, Ethereum will consume far less energy when using its new PoS approach, which is expected to reduce consumption by 99.95 percent. If the Ethereum upgrade goes as planned, investors can expect to pay little to no gas fees for transactions. However, this cannot be confirmed until after the network is live. The Ethereum Merge is regarded as a technological and environmental breakthrough that instills confidence in the sector.