The Merge- Ethereum changing from a PoW to a PoS consensus mechanism is underway already. Here are the highlights of The Merge as published by The Ethereum Foundation:
- Ethereum is moving to proof-of-stake! The transition, known as The Merge, must first be activated on the Beacon Chain with the Bellatrix upgrade. After this, the proof-of-work chain will migrate to proof-of-stake upon hitting a specific Total Difficulty value.
- The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain — 11:34:47am UTC on Sept 6, 2022.
- The Terminal Total Difficulty value triggering The Merge is 58750000000000000000000, expected between Sept 10-20, 2022.
In line with the highlights of The Merge, for service stability and security, the following adjustments will be made on THRESH0LD to match the upgrade time.
On September 15, 2022 at 01:00 BST, an executive level upgrade (Paris) will be performed 2 hours before and 2 hours after the upgrade, all wallets’ deposits and withdrawals will be suspended, affecting ETH and all ETH based asset (ERC20/ERC777/ERC721/ERC1155).
Upgrade time will be affected by the speed of block production and may not be accurate, we will announce the exact time closer to the node upgrade, and will notify you again after node upgrade is successful.
On testnet, ETH testnet will be replaced by Goerli and Ropsten will be deprecated soon. Updates will be provided. Its expected to rename the existing ETH test coin to ETH(Ropsten) on 2022/10/15, the original.
If a hard fork occurs after the upgrade, we will consider whether to support the hard fork after the chain is stabilized.