Top Crypto News Today: Ethereum Total Value Locked Surpassed the $400K Mark after the Merge!

Key Takeaways:

• Ethereum Merge went live exactly at 12:13 pm IST on September 15, 2022
• After the Mainnet Merge went live, Ethereum Total Value Locked stands at $436,716 as of September 13, 2022
• ETH Price movements in the last 24 hours have been down by 8%

Introduction

It has been a journey not only for the Ethereum developers but for the whole of the crypto community ever since the Ethereum Network announced that the ETH ecosystem is transitioning to a Proof of Stake consensus from its initial Proof of Work consensus. 

That announcement of the transition has been an on going process since 2020. The delays in the process has been due to the various technical delays from the ETH developers team; in ensuring the Merge moves ahead smoothly. 

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

— vitalik.eth (@VitalikButerin) September 15, 2022

ETHEREUM UPDATES TILL DATE

HOW ETHEREUM MERGE WILL MARK A SIGNIFICANT MILESTONE IN THE CRYPTO WORLD

Ethereum is the second largest blockchain network in the world, by market capitalization and is slated to undergo a massive network upgrade between 10-20 September 2022. As mentioned earlier, this upgrade will completely transition Ethereum from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism.

Thus, this is one of the most significant developments in the crypto world, probably since the inception of crypto itself. The Ethereum Merge will merge the Ethereum Mainnet with the Beacon Chain, making the blockchain greener, more efficient, and much more appealing to investors.

What happens after the Ethereum Merge?

The Ethereum Merge has been an event that has been dedicated to bringing a more energy efficient crypto staple to the investors ot traders! On the Ethereum Mainnet Merge Live, held by the Ethereum Foundation, one of the speakers mentioned that this transition of Ethereum will alone save 0.2% of the world’s energy consumption. While that alone is a huge plus for the sustainability of the world, the introduction of staking is not to promote DeFi per se, but staking is to promote more security and the health of the Ethereum Network as a whole.

After the Merge, there’s another process that will kick in – called Sharding. This is a process that will essentially help prepare the network for Ethereum 2.0’s Shard chains – which will fully rely on a functional PoS network to operate. By spreading the network workload over 64 blockchains, these shard chains will provide additional cheaper layers for apps and rollups to store data. They also enable layer 2 systems to offer low transaction fees while benefiting from the security of the Ethereum mainnet.

So, The Merge is essentially only the first of five steps of the developmental phases on the Ethereum network. The five developmental phases – as named by Ethereum co-founder Vitalik Buterin – are as follows: ‘The Merge,’ ‘The Surge,’ ‘The Verge,’ ‘The Purge,’ and, finally ‘The Splurge.’

Apart from the changes within the network, miners who used GPUs to mine ETH before the Ethereum Merge can still produce blocks, however, they will not be a part fo the Ethereum ecosystem from now on. Validators, via staking their own ETH tokens will be the only ones responsible for validating a block, before it gets added onto Ethereum.

Ethereum Merge Impact on TVL

The Ethereum community has been anticipating the Ethereum Mainnet Merge for a good 7 years! With so much of research and hardwork, it is no surprise that the ethereum price and its TVL has been a topic of interest for all ETH supporters. According to Glassnode, the TVL of ETH 2.0 has surpassed the $400K mark and is currently standing at $436,716. As Ethereum sees a fall in its price by 8% after the Merge, keep an eye out for CoinDCX Blog to get daily updates on your crypto token of interest.

Source: Glassnode

HOW DID THE ETHEREUM MERGE IMPACT ETH PRICE?

ETH/USD | Source: Tradingview

ETH/USD | Source: Tradingview

Right after confirmation about the successful implementation of the highly anticipated Ethereum Merge, ETH price somehow managed to not move at all. As is evident from the chart above, prices are pretty much well within its bounds, not too far up nor down either. This is somewhat surprising, but at the same time reassuring too. Fears of a major drop in ETH price right after the Ethereum Merge had been doing the rounds online and it seems like those fears were unwarranted.

Additional Read: Ethereum Price Prediction