Ethereum (ETH) Foundation Confirmed Mainnet migration to the Proof of Stake network will be triggered at a Terminal Total Difficulty (TTD) of 5875000000000000000000 and will take place between September 10th and September 20th.
According to the August 24th blog post, the first step towards the migration will be a Bellatrix upgrade scheduled for September 6th at 11:34 UTC. The Kiln testnet will be deprecated on the same day.
The foundation continued that the merge date would be determined by the proof of work hashrate, stating, “The more hashrates join the network, the faster we will reach TTD. If we leave, TTD will arrive later.” Several industry insiders had previously predicted that the merger could take place on Sept. 15.
The Foundation has confirmed that all public testnets have been successfully upgraded.
Node operators must maintain execution and consensus layer clients to remain on the network after merging. At the same time, “validators must ensure that the user transactions and state transition blocks they create and prove are valid.”
Meanwhile, the Foundation has announced a $1 million reward for white hat hackers who discover critical vulnerabilities in their networks between now and September 8th.
Reports have revealed that a developer found a bug in a mainnet merge update for two Ethereum clients. However, these bugs rarely stop or delay merges.
Trader’s watch merges with strong interest
An August 22nd report highlighted that Ethereum funding rates have been mixed most of the month.
According to the report, the digital asset recorded a positive funding rate when trading around $2000. But interest rates turned negative last week when its value plummeted to around $1,600.
The report noted a “significant surge in open interest” as Ethereum fell below $1,600.
Kaiko also revealed that ETH’s volume market share has reached its highest level since 2018. The report states, “His ETH-USD volume market share to his BTC-USD, aggregated across 10 exchanges, jumped from 38% in mid-July 2022 to 57% at the end.” said. Thanks to the optimism around the merger.
