Ethereum has successfully ‘merged’, saving energy up to 99%

ETH cryptocurrency of the Ethereum ecosystem – Photo: INVESTOPEDIA

Once the merger is complete, Ethereum will transition from the current “Proof-of-Work” (PoW) consensus mechanism to a “Proof-of-Stake” (PoS) system. PoS makes Ethereum 99.95% more energy efficient than PoW, according to estimates from the Ethereum Foundation.

The Ethereum ecosystem currently has more than 400 DeFi projects, 130,000 active NFT projects.

The Merge was extensively tested before moving to the official Ethereum blockchain network.

The actual merge takes about 12 minutes. During that time, around 150 developers are on high alert to deal with any possible setbacks.

The Merge is a long-awaited Ethereum network upgrade event by the crypto community. This is possibly the most significant change in crypto history and an extremely rare event that may never happen again.

At the conference taking place in Seoul (Korea) in early August, Vitalik Buterin – one of the founders of Ethereum – said that PoW versions will not affect the operation of PoS versions. On the other hand, a lot of developers in the Ethereum ecosystem have unanimously switched to the PoS mechanism.

According to the site Coingape , the price of Ethereum’s ETH cryptocurrency is trading above $1,550. However, the consolidation is likely to push the price down, along with the current downtrend of the cryptocurrency market.

There is a high probability that ETH will drop below $1,000, but the price will not shock immediately after the consolidation.