The Ethereum network will go through a major Bellatrix update, the only remaining milestone from the Merge update. That’s why users pay attention to the warning given by Vitalik Buterin and other Ethereum developers about updating clients. Here are the details…
Critical hours have begun for Ethereum
Vitalik Buterin’s warning applies mostly to Ethereum validators rather than regular users. If you are staking ETH on the beacon chain, you should update your client immediately as you will not be able to participate in staking on the old version. Bellatrix will be activated on Beacon Chain period (epoch) 144896, which will appear on the chain at 14:34:47 CEST. The Merge update will continue to roll out around September 13 and the Beacon chain update will not affect the expected date.
TO ALL ETHEREUM STAKERS:
You *MUST* update your clients BEFORE September 6 when the Bellatrix upgrade to the Beacon Chain occurs
You also need to run an EL client (Beau, Erigon, Geth, Nethermind) before the Merge TTD on Sept 14th!
— Evan Van Ness 🦇🔊 (@evan_van_ness) September 2, 2022
If node operators do not run execution and consensus layer clients in newer versions, they lose their place in the network and are not available for migration. Validators should also avoid running the majority client. Ethereum still offers a substantial reward to developers and white-hat hackers for finding some critical bugs that directly affect the stability and security of the network.
ETH price is not yet reacting to the update
Although the network is extremely close to the Merge update, ETH itself does not seem to be showing any reaction to the market. The price of the second largest cryptocurrency mostly follows market trends. But at the same time, Ethereum has successfully bounced off the local support level and even broke the local resistance level of the 50-day moving average. Most industry experts believe the market will see a short-term rally before the Merge and a slight correction afterwards.
We are less than two weeks away from Blockchain’s most significant upgrade since its launch. Merge will transform the network from a power-hungry proof-of-work to a proof-of-stake algorithm. Instead of miners, it will rely on stakers to secure the network. The merge has been delayed many times over the years due to the complexity of Ethereum’s upcoming transition. Moving $202 billion of assets to a proof-of-stake network is a challenge. That’s why some traders prefer to hedge against some worrying developments that could derail Merge. Last month, former BitMEX CEO Arthur Hayes wrote that if the upcoming upgrade fails, Ethereum will go back to the “dark ages.”
