The “Merge,” the greatest upgrade to its network now occurring on Ethereum, the second-largest blockchain by market cap, is set to take place. On September 6, 2022, at exactly 11:34 a.m. UTC, the Ethereum team successfully completed its last Merge upgrade known as the ‘Bellatrix Upgrade.’
The Bellatrix upgrade went live today on the network’s proof-of-stake chain, the Beacon Chain.. Even though it doesn’t fully reflect the merge and the switch to proof-of-stake, the Bellatrix upgrade is important because it prepares the Beacon Chain for the merging and serves as the essential beginning point that launches the full process.
By switching Ethereum from its well-known proof-of-work process to a proof-of-stake consensus system, the merge will ultimately have a substantial negative impact on the environment. Only the mainnet currently completes transactions, even if the Beacon Chain and Ethereum mainnet, or the public, proof-of-work chain used by everyone, are currently cooperating. Ethereum will be 100% proof-of-stake after the merge.
After an acceptable Terminal Total Difficulty (TTD) value is obtained, the Ethereum mainnet will move to proof of stake during the second phase of the Bellatrix upgrade, which will complete the merge. The total mining difficulty level on the Ethereum network is defined by TTD. It is anticipated that between September 10 and 20, the TTD value of 58750000000000000000000 will be attained, which would trigger the merge.
A Beacon Chain validator will generate the next block when the required TTD value is met. In the merge announcement dated August 24, 2022, the Ethereum Foundation stated.
“Once the Beacon Chain completes this block, the merge transition is deemed complete.” This will occur two epochs (approximately 13 minutes) after the first post-TTD block is issued under typical network conditions.”
There have been rising worries about whether the Merge would be finished on the intended dates due to prior experiences with a number of postponements. Vitalik Buterin took action to quell those anxieties by reassuring followers that the Merge is “still expected to happen around Sep 13–15.” He said that Ethereum node operators should “make sure to update” their clients.
Prior to the Bellatrix upgrade, the vast majority of node operators (about 90%) seemed to have upgraded their clients on schedule. Since the clients, nodes, and their Ethereum software won’t be able to operate after the merge, all Ethereum clients must be properly updated.
In order to ensure a smooth transition, Ethereum developers will constantly watch Bellatrix’s progress. If everything goes as planned and Bellatrix performs as predicted, the merge will likely occur around the middle of September. As of today, Ethereum core developers are satisfied that everything happened as intended.
The Price Movement of ETH
On September 6, the second-largest cryptocurrency by market cap climbed past the anticipated $1500 price level. The Bellatrix upgrade is the only event that could have triggered such a buying frenzy.
The price of ETH held slightly over $1500 on September 4 until September 5, when it reached an intraday high of $1,621 and finished at $1617. As the Bellatrix upgrade approached, market sentiment for the cryptocurrency shifted somewhat.
In just 24 hours, the volume of Ethereum trading jumped dramatically. According to market statistics, the amount has increased by more than 65%. Additionally, the Relative Strength Index(RSI) has been accumulating coins more often as it approaches the Overbought zone on the ETH four-hour chart.
The Merge is not completely priced in, contrary to what many analysts say, as seen by the positive price movements from Ethereum. The impact on the price of ETH may escalate as the event’s actual date gets near.
Bellatrix Node Preparation
Bellatrix will be followed by the Paris upgrade, the complete transition from proof of work to proof of stake, according to Ethereum developers. Before epoch 144896 on the Ethereum Beacon Chain, the team advised all node operators to update their clients.
On Twitter, Ethereum co-founder Vitalik Buterin has urged nodes to update their clients. The purpose of this upgrade is to get them ready to fully function on the more recent Ethereum network that will emerge following the Merge.
The merge is still expected to happen around Sep 13-15. What's happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though - make sure to update your clients!— vitalik.eth (@VitalikButerin) September 6, 2022
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