All eyes are on the Ethereum Marj update. With this update, the Ethereum network migrates from the Proof of Work system to the Proof of Stake system. There is not much time left until this update is done. In this article, we will monitor this update and the events surrounding it. Stay with the country of blockchain.
[۰۹:۰۰] Ethereum Foundation live stream
As you read earlier in Blockchain Home, many organizations and activists in the blockchain field are counting down the minutes to implement the Ethereum Marj process and are waiting for the implementation of this update by holding live streams on social networks.
Ethereum Foundation’s YouTube channel has started its program with the presence of guests. You can by referring to this channel, watch the Ethereum Foundation program. The main program of this foundation starts 1 hour before Marj.
[۰۷:۳۰] 200 minutes to Marj
Various websites have displayed their countdowns for the update of the Ethereum platform. When TTD reaches the number shown in the image below, the Ethereum Merge process begins.
Data from the Ethernodes website shows that 821 more blocks are left until the execution of Marj. So far, 88% of Ethereum execution layer clients are ready for Marj.
[۲۱:۴۵] Vitalik Buterin is proud of the participation of Ethereum miners
Vitalik Buterin, the founder of the Ethereum network, published the following image a few moments ago twitter Wrote:
It seems that the rumor of Ethereum’s hashrate decreasing weeks before Marj has been proven false due to the rush of miners to sell.
I’m a little surprised! I disagreed with (predicting) a 50% drop, but I definitely expected a 5-10% drop.
Scam alert: In the Twitter space, some accounts verified by (with a blue tick) have changed their username similar to Vitalik Buterin’s username and are misleading users by sending fraudulent sites and false advertisements. Don’t forget security tips when dealing with sites advertised under famous people’s posts.
[۲۱:۳۰] CEO of Tether: Merj does not solve the problems of the Ethereum network
Paolo Arduino, the CEO of Tether, believes that due to the transaction fees and the degree of decentralization of the network, the Ethereum platform will not solve all the problems of this network. He stated in this regard:
Marj’s update has brought a lot of attention to Ethereum, however, what will remain? We will still need layer 2 solutions, sometimes the network will be congested and gas fees will still be high and these problems are still not solved.
Arduino believes that Marj will not solve these problems. He noted that what is particularly important in the cryptocurrency industry is decentralization, and Bitcoin is the only asset in the world that has such a feature, and its history has not changed. According to the CEO, Tether is not compatible with Bitcoin due to its changes.
[۲۱:۰۰] Watch the Ethereum Foundation celebration live
Currently, there are a little more than 3,000 blocks left to activate the Ethereum platform. You can follow the events leading up to Marj using the following websites:
Bordel.wtf This website shows the overall terminal difficulty of the network and you can view it up to Marj.
A celebration will be held by the Ethereum Foundation when Marj is successfully updated. To watch this celebration, you can go to this link Youtube See.
Beaconcha.in This website shows the latest statistics on the Ethereum Proof-of-Stake chain, as well as the number of validators and the amount of Ethereum staked. Currently, more than 13.66 million Ethereum units have been staked.
[۲۰:۳۰] What are the risks on the way to Marj?
Isidoros Passadis, head of validators at Lido Finance, discussed three risks associated with the Ethereum ecosystem. In this regard, he said that the first risk is technical risk. With any software upgrade, we have to anticipate potential bugs, technical glitches, or general problems.
Of course, Pasadis noted that with many tests and software review in test networks, this risk has been largely eliminated. He continued The second risk is related to the correct functioning of the nodes during and after Marj. Beacon China has experienced triads in various testnets as well as multiple forks, and various client teams work side by side to successfully run the code.
According to Pasadis, the third risk is Ethereum’s proof-of-work fork, which could cause a bit of chaos. Of course, he believes that the impact of this fork should not last long.
[۲۰:۰۰] Extreme fluctuation of Ethereum funding rate
It can be seen that Ethereum’s funding rate has become historically negative in centralized exchanges. Funding rate is a measure of traders’ sentiments, and observing the strongly negative funding rate on September 14th (today) shows that the last time the market was so worried about the fall in the price of Ethereum was March 2020 (March) and the historic fall of the markets at the beginning of Corona. returns Note that these days and depending on various events, we may see price fluctuations in the cryptocurrency market. However, its decrease or increase cannot be predicted. If you use trading leverage, it is recommended to manage the risk of your positions.
[۱۹:۴۵] Announcement of cryptocurrency exchanges
Iranian and international exchanges had published announcements regarding the support of Marj Ethereum update since the previous weeks. Additional announcements have been made as the integration update approaches. You can find these notices atAdditional announcements of Iranian exchanges regarding the update of Marj Ethereum” And “What is the plan of Iranian exchanges to update Marj Ethereum?” Read.
Running time of Marj Ethereum
The update of Ethereum Marj is not done at a specific hour but instead is scheduled by the total difficulty of the network terminals (TTD). TTD means the total network difficulty for all blocks mined by proof of work. Marj is done when TTD reaches 58,750,000,000,000,000,000,000. However, the estimated time of this update can be found on various sites such as Ethernodes.org Or even by searching on Google.
You have already read about the events and challenges of this update in various reports of the blockchain country.
Last week (September 15), the first phase of Ethereum Marj update, i.e. “Bellatrix Phase”, was implemented. After this update, an increase in the number of lost slots in the Beacon Chain raised concerns. However, after some time this instability improved. You can read the full report of this news in “Ethereum network instability after Bellatrix update; What dangers threaten Ethereum?” Read.
There are similar concerns for the implementation of the second phase of the Marj update. Of course, the major challenges of this issue, such as the risk of censorship in Ethereum, are still being discussed in the blockchain and crypto community.
On this page, we are by your side with real-time content updates (at the top of the page) until the time of Ethereum. It is worth noting that at the time of writing this article, the price of Ethereum has reached $1,598 with a decrease of 0.6% compared to the previous day.
- What is the Ethereum Marge update?
Merge update (Merge) or Ethereum integration is a set of events and updates that are carried out in order to transfer the Ethereum network from Proof of Work to Proof of Stake. Marj is divided into two parts: Bellatrix and Paris update.