Ethereum successfully completed its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) on September 15, 2022. This historic milestone—long envisioned by Ethereum's founders—unfolded smoothly, marking a new era for blockchain scalability and sustainability. Below is a detailed timeline of key events during the first 24 hours post-merge.
Key Events and Developments
1. Final PoW Block NFT Minted (14:43 UTC)
- NFT project @VanityBlocks minted "The Last POW Block" on Ethereum's final PoW block (height 15537393).
- The transaction included a quote by ethnobotanist Terence McKenna: "Nature loves courage. You make the commitment, and nature will respond to that commitment by removing impossible obstacles."
2. First PoS Block Validated (14:44 UTC)
- Block #15537394, the first PoS block, was validated by
0xeee27662c2b8eba3cd936a23f039f3189633e4c8. - HashKey Capital left a memo: "Supporting next-gen blockchain innovation."
- Gas fees spiked temporarily to 108 Gwei.
3. Vitalik Buterin’s Post-Merge Remarks
- Pre-merge: Vitalik noted Ethereum’s energy consumption would drop by 0.2% globally.
- Post-merge: He celebrated the milestone, calling it "a proud moment for Ethereum’s ecosystem."
4. Mining Migration Surge (15:00 UTC)
- ETC hashrate surged 55.17% to 92.48 TH/s.
- RVN and CFX saw hashrate increases of 35.46% and 55.74%, respectively.
5. Market Reactions (15:30 UTC)
- Binance’s ETH/USDT perpetual funding rate improved from -0.5% to -0.24%, signaling reduced short positions.
- Aave’s ETH borrowing utilization dropped below 75% as loans were repaid.
6. Exchanges Resume ETH Services (16:00 UTC)
- Binance, FTX, and others reopened deposits/withdrawals for ETH and ERC-20 tokens.
- DeFi and NFT protocols operated normally.
7. EthereumPoW (ETHW) and EthereumFair (ETF) Emerge (21:00 UTC)
- Poloniex backed EthereumFair (ETF) as the primary ETHW chain.
- BitCoke shifted mining resources to ETF and announced trading pairs.
8. Miner Shutdowns (21:40 UTC)
- Luxor’s Ethan Vera reported 20–30% of ETH miners migrated to other networks; others shut down operations.
9. ETHW Mainnet Launch (22:06 UTC)
- ETHW published RPC details; F2Pool launched dedicated mining pools.
- GPU and ASIC miners remained compatible via Ethash algorithm.
10. Price Volatility (23:05 UTC)
- ETH dipped below $1,500**; ETHW crashed to **$16.94.
11. Hashrate Stabilization (Next Day, 08:00 UTC)
- ETC: 270 TH/s (~$35.93).
- ETHW: 59.87 TH/s (~$13.20).
- ETF: 35 TH/s (~$17.33).
- Combined市值: <4% of Ethereum’s.
Regulatory and Centralization Shifts
SEC’s POS Securities Warning
SEC Chair Gary Gensler suggested PoS staking might classify ETH as a security, subjecting intermediaries (e.g., exchanges) to lending-like regulations under the Howey Test.
Post-Merge Node Centralization
PoS Validators:
- Lido (30%)
- Coinbase (14%)
- Kraken (8.3%)
- Binance (6.5%).
- Contrasts with PoW miner distribution: Ethermine (28.9%), F2Pool (14.5%).
FAQs
Q: Did Ethereum’s merge cause a price surge?
A: No—ETH dropped 5% post-merge due to sell pressure and miner exits.
Q: Can PoW miners still profit?
A: Limited options: ETC, RVN, or ETHW/ETF (low-value alternatives).
Q: Is staking ETH now safer?
A: Risks shift from energy costs to slashing penalties and validator centralization.
Q: Will SEC action impact Ethereum?
A: Potential legal hurdles for staking services, but no immediate effect on ETH’s functionality.
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