The Ethereum Merge has been executed successfully and without any problems. This means that the Ethereum network has just moved from a proof-of-work to a proof-of-stake consensus. It is a historic event that the crypto community has been waiting for for over five years.
A huge achievement
The upgrade has changed the way transactions are validated and ETH tokens are created forever. The Merge also means that the Ethereum network uses 99.95 percent less energy. That is an enormous amount of energy that is saved. It is 0.2 percent of all energy in the world, according to the Ethereum Foundation. Besides the fact that the network is now much more energy efficient, the Merge will also ensure that the network is faster and can be scaled better.
The Merge was a great success
The Merge took place around 09:00 and lasted a total of 12 minutes. After these blood-curdling 12 minutes it became clear that the transition had gone smoothly. The Ethereum network did not miss a single “lock” of the 12-second block proposal, and after 12 minutes and 48 seconds, the Merge was successfully completed.
During that time, major crypto exchanges such as Binance, Coinbase, and Bitvavo have suspended trading Ethereum-related tokens, including ETH. Ethereum-influenced trading is expected to resume soon on those platforms.
