The leading altcoin Ethereum has been on the agenda recently with the excitement of Merge. With Merge, which will enable the Ethereum network to move from proof-of-work to proof-of-stake, the price of ETH has also appreciated. Recently, there have been a few more developments towards ETH. In this article, we will talk about 2 developments in the second largest Blockchain.
Ethereum developers have completed all the preparations
Ethereum core developer Tim Beiko reveals that all preparations for the Ethereum Merge are now complete according to the Readiness Checklist. The checklist allows developers to complete tasks such as software implementation, testing, document publishing, and research and development among others. In fact, completing this list brings Merge one step closer to the expected date of September 15.
Merge Mainnet Readiness Checklist is all checked out ✅ Feels good 😁 https://t.co/943v4LuS7g
— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) August 17, 2022
Ethereum core developer Tim Beiko confirmed in a tweet on Aug. With the checklist complete, the Ethereum mainnet will now be ready to merge with the Beacon Chain. A successful Merge will transform Ethereum (ETH) from proof of work (PoW) to a proof of stake (PoS) consensus.
The Merge Mainnet Readiness Checklist is a document that outlines various tasks for Ethereum developers to “get the merge ready for the Mainnet release.” The readiness checklist is divided into Specification, Testing, Test nets and R&D. It also includes implementing software and upgrades for the consensus and execution layer, authenticating the Engine API, and publishing public documentation. There are also forks of common testnets such as Ropsten, Sepolia, and Goerli, by testing frameworks and modules in the consensus and execution layer.
What does it mean for ETH price?
Ethereum (ETH) price pulled back slightly after touching the $2000 level due to the FOMC meeting and deflationary pressure. cryptocoin.com As we reported, ETH dropped slightly below $1,900. Also, Ethereum (ETH) will become a deflationary asset after Merge due to the EIP-1559 burning mechanism. Vitalik Buterin previously stated that the Ethereum price will rise again under the right conditions. These right conditions are expected to arrive 6-8 months after Merge due to the concept of “wait time”. Also, the Ethereum Foundation has cleared up any misunderstandings about Consolidation. Ethereum’s gas fees, transaction speed and staking will have no impact after Merge.
EthereumPOW team to freeze 1.4 million ETH
On the other hand, EthereumPoW has released the first list of contracts it plans to freeze during the hard fork. Proof-of-work (PoW) EthereumPoW, the collective behind the hard fork of the Ethereum chain, posted a tweet today. It announced that it plans to freeze around 85 contracts holding around 1.4 million ETH ($2.6 billion) in total. They have sent notifications to their holders to remove their ETHW from their liquidity pool.
*** We recommend everyone withdraw their ETH from all the pools before the hard fork !!!
ETHW Core released the first batch of contracts to freeze.
In total, there are 85 contracts and around 140 million ETH tokens. pic.twitter.com/sIFKb0dY6q— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) August 17, 2022
Uniswap and SushiSwap liquidity pools dominate the list published by the ETHW Core team. However, the Compound: cETH Token pool tops the list with the largest single holding of 465,100 ETH. Aave: aWETH Token V2 follows Compound pool with 312,781 ETH. The EthereumPoW team had posted a series of tweets yesterday. He hinted at then plans to freeze certain liquidity pool contracts during the hard fork. He noted that after the hard fork, tokens remaining in liquidity pools will be easy prey for “bad actors”.
Specifically, on the path to creating a PoW fork of the Ethereum chain, the ETHW Core team has reached significant milestones, including removing the difficulty bomb. Additionally, the team states that it will eliminate the burning mechanism introduced with EIP-1559 on Ethereum’s forked network.
