The long-awaited Ethereum (ETH) merge is expected to take place by 9pm on September 14th, according to UTC. ultrasound money tracker.
Trackers estimated the long-awaited merge was 34,000 blocks away. The merge is set to occur at a final total difficulty level of 58,750,000,000T, while the latest block has a difficulty of 12,345T.
Bellatrix returns to normal
Gnosis co-founder Martin Köppelmann revealed that previously offline validators are back online as “the apparent decline in Bellatrix is almost back to normal.”
After a clearly visible drop in Bellatrix, it’s almost back to normal. pic.twitter.com/Hf8T9X9kS0
— Martin Köppelmann 🇺🇦 (@koeppelmann) September 9, 2022
On September 6, Köppelmann expressed concern that the Bellatrix upgrade had a block failure rate of about 9%, higher than the usual 0.5%. Many in the community used this as a clue to question whether the network was ready for a merge.
However, a new revelation has assured the community that everything is going according to plan for the merge.
ethereum supply
According to Ultrasound money, the total Ethereum supply has exceeded 120 million, and the amount of Ethereum staked on the Beacon chain is 13.6 million ETH, which is more than 10% of the asset supply.
The tracker predicted that the Ethereum PoS will issue 1,700 ETH daily as staked ETH reaches 14 million. Note that as the number of staked Ethereum increases, so will the number of assets issued.
Meanwhile, Chainalysis reports that the merger will draw more institutional investors to Ethereum. According to reports, ETH behaves like bonds and commodities, increasing trust in the token.
Ethereum Combustion Mechanism
Ethereum’s burning mechanism could definitely reduce the token supply.
1,967.60 ETH was burned in the last 24 hours, equivalent to 1.37 ETH per minute, and the network burned 38,236.53 ETH in the last 30 days.
Protocols responsible for most of the ETH burnt down in the last 30 days include OpenSea, Uniswap V3, Uniswap V2, Gem, and 1 inch v4. So NFTs and DeFi protocols are mainly responsible for the burned ETH.
