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Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge

Ethereum Has Destroyed .10 Billion in Ether, ETH Scarcity to Increase After The MergeAccording to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed. 2.35 Million Ethereum Burned — Ethereum Dev Says […]

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Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market Meltdown

Ethereum Hashrate Taps an All-Time High Amid This Week’s Crypto Market MeltdownAmid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization. […]

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Ethereum Dev Says The Merge Could Be Delayed a Few Months, ‘Strongly Suggests’ Not Investing in ETH Mining Rigs

Ethereum Dev Says The Merge Could Be Delayed a Few Months, ‘Strongly Suggests’ Not Investing in ETH Mining RigsAccording to Ethereum developer Tim Beiko, The Merge is likely to be pushed to the third quarter of 2022. Despite the delay, Beiko also said he “strongly suggests not investing more in mining equipment at this point.” The Merge May be Delayed, Ethereum Hashrate Taps New ATH Four days ago, Bitcoin.com News reported on ethereum […]

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Ethereum Devs Implement Merge Testnet Kiln, Testing Ground Expected to Be the Last Before PoS Transition

Ethereum Devs Implement Merge Testnet Kiln, Testing Ground Expected to Be the Last Before PoS TransitionAfter implementing the merge testnet Kiln, Ethereum is seemingly getting closer to transitioning to a full proof-of-stake (PoS) network. According to developers Kiln’s execution layer was initially launched leveraging proof-of-work (PoW) and since March 15, Kiln is running entirely under a proof-of-stake consensus algorithm. Ethereum’s Kiln Merge Testnet Goes Live Ethereum developers are making progress […]

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Ethereum Merge testing on Kiln mostly successful, save for one minor bug

"Post-merge blocks are being produced by validators, and they contain transactions!" said Ethereum developer Tim Beiko.

On Tuesday, Ethereum (ETH) developer Tim Beiko tweeted that Kiln successfully passed the Ethereum Merge, with validators producing post-merge blocks containing transactions. Kiln will be the last Merge testnet (formerly Ethereum 2.0) before existing public testnets are upgraded. "Merge" involves taking Ethereum's Execution Layer from the existing Proof of Work layer and merging it with the Consensus Layer from the Beacon chain, turning the blockchain into a proof-of-stake network. The Foundation writes

"This merge signals the culmination of six years of research and development in Ethereum and will result in a more secure network, predictable block times, and a 99.98%+ reduction in power use when it is released on mainnet later in 2022."

However, it appears not everything went according to plan during testing. According to Kiln Explorer, there were several errors relating to contract creation. In a follow-up tweet, Beiko said a client was not producing blocks consistently, though "the network is stable, with >2/3rd of validators correctly finalizing." A fellow Ethereum developer, Marius Van Der Wijden commented on the matter as well, pointing out that Prysm was proposing bad blocks during the transition on Kiln. 

Prysm is a Go programming language variant for implementing Ethereum Consensus specification. As told by Van Der Wijden, it turns out one block had the incorrect base fee per gas value, and substituting it with the actual expected base value appears to have solved the problem. On its official roadmap, the Ethereum Foundation states that the Merge upgrade will be shipped by the end of Q2 2022. However, a few features, such as the ability to withdraw staked ETH, will not be available immediately after the Merge, as developers concentrate their efforts on the latter. 

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Ethereum Co-Founder Vitalik Buterin Discusses Proposal to Alleviate Network’s Congestion, High Fees

Ethereum Co-Founder Vitalik Buterin Discusses Proposal to Alleviate Network’s Congestion, High FeesEthereum’s co-founder, Vitalik Buterin, and developer Tim Beiko have been discussing a proposed solution to the data transfer gas problem and current scaling issues. Buterin talked about adding a feature like “blob-carrying transactions” in a “near-future hard fork.” ‘Blob-Carrying Transactions’ The price of ethereum (ETH) has moved northbound during the last two weeks, climbing more […]

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Ethereum Co-Founder Vitalik Buterin Publishes ‘Plausible Roadmap’ Addressing Scalability

Ethereum Co-Founder Vitalik Buterin Publishes ‘Plausible Roadmap’ Addressing ScalabilityIn recent times the Ethereum network has received a lot of criticism about the protocol’s data transfer fees and scalability. In a blog post called “Endgame,” published on December 6, the co-founder of Ethereum, Vitalik Buterin discussed plans to improve scaling, the upcoming proof-of-stake transition, and censorship resistance. Buterin Outlines Plausible Ethereum Scaling Roadmap in […]

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Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution

Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible SolutionThe second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) […]

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Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5

Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5The Ethereum community has been gearing up for the highly anticipated London Network Upgrade which should take place on August 5 around 2:00 p.m. (EDT). Node operators have been asked to upgrade their nodes as soon as possible, as the upgrade is scheduled to take place at block height 12,965,000. Ethereum Set to Fork on […]

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