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We Have Merged, ETH is Now Deflationary
If there’s one event in the cryptoverse that has the potential to be more disruptive than the Bitcoin halving — that would be Ethereum’s move to Proof of stake (PoS) and as of 1 hour ago, the Ethereum merge is live on the Mainnet.
The switch from proof of work to proof of stake has successfully taken place on the mainnet. The network upgrade to proof of stake has been triggered by a specific total difficulty threshold called Terminal Total Difficulty or TTD for short. Once this was reached, it triggered the execution layer from proof-of-work to proof-of-stake.
Block 15537394 has the required slot height and TTD, and has officially implemented The Merge, each block following 15537394 will have been validated using proof-of-stake.
In just one hour since the merge, Ethereum has become deflationary with over 197ETH burned and it is expected to continue to burn ETH as mining rewards are no longer needed.
