Ethereum Beacon Chain There is a ledger of accounts that operates and coordinates the network of stakers. This d. wasPoised to replace proof-of-work (PoW) mining on the current Ethereum mainnet,
Blockchain analytics platform Glassnode and crypto price tracking platform CoinMarketCap released a new report good. The newly published report assesses the state of the Ethereum Beacon chain prior to the merge.
The last lap of the Ethereum merge is scheduled to take place between September 10 and September 20. It can also be considered as the most important event in blockchain history so far this year.
The final ETH transition to the Proof-of-Stake (PoS) consensus mechanism will be triggered by a Terminal Total Difficulty (TTD) of 58750000000000000000000. This is known as the Paris upgrade.
According to IntoTheBlock, if the hashrate on the Ethereum mainnet network maintains an average of around 844 TH/s, the merger should happen on September 15th. The blockchain analytics platform said that a more likely date is September 14, with the network’s 30-day TH/s average,
Ethereum Beacon chain currently
On the Ethereum proof-of-work (PoW) system, the miners on the network have the duty of building blocks. The winning block is then sent to a network of nodes which validates the transaction.
On POS systems on the beacon chain, blocks are created, proposed, and validated by a set of validators. Thus, creating different eras on the series.
According to the new report, the first block on the Beacon chain was added on 1 December 2020. After operating for 639 days, “Chain-Tip has surpassed block high of 4,557,056 and epoch high of 142,408.”
Glassnode and Coinmarketcap also found that across all epochs of the Beacon chain, the participation rate was over 96%. Furthermore, the chain recorded an average daily participation rate of 99%, as the price of ETH reached its all-time high last November.
It is no longer news that in order to be a validator after the merger of the Ethereum network, 32 ETH is required to be deposited in order to participate in the protocol consensus. According to the report, around 200 to 250 deposits per day have been made in Beacon Chain contracts since the first block was built. Further, the report states,
“There are four notable periods compared to average deposit flows, three of which occurred during the 2020-21 bull market and most recently in February-May 2022. Deposits have slowed after the collapse of the LUNA-UST project, Which was a market-wide negative impact on token prices and trust.”
ETH staked on Beacon Chain now exceeds 13.409 million ETH. According to the report, this represents 11.22% of all circulating supply of ETH.
ETH in the last 24 hours
According to data from CoinMarketCap, the major alt traded at $1,735.60, up only 2% in the last 24 hours. For liquidations on the network, $69,701,589 worth of ETH coins have been taken out of the market within the same period, data from CoinGlass showed.