The final Merge upgrade has gone live and Bellatrix Effect has positively impacted the Ethereum values, which surged by 7%. The final piece of the merge process, The Bellatrix upgrade, has gone through on the Beacon chain. It is the last major upgrade before the Merge is finally accomplished. As mentioned, Ethereum prices have surged and are currently changing hands at $1,688 due to the Bellatrix Effect.
The Bellatrix Effect
The Merge will be declared complete when the final Paris upgrade, which the Bellatrix upgrade is a part, is accomplished. The upgrade was programmed when the beacon chain was at an all-time high of 144,896 and was concluded at 11:34:47 am UTC today.
The Ethereum Merge is the process that will change the Ethereum platform’s consensus mechanism from the present Proof of Work to Proof of Stake. The need for the changeover was felt since the Proof Of Work model sucked in a massive amount of power, and the verifying process of mining is an energy-intensive process. On the other hand, the Proof Of Stake is accomplished with a fraction of the energy needed in the earlier process. The process eliminates miners and replaces them with validators.
Ethereum is presently composed of two layers – The consensus layer and the proof-of-work layer. The Merge upgrade will amalgamate the two layers and end the blockchain’s proof-of-work mechanism. The Bellatrix upgrade essentially enables the validator nodes to create proof-of-stake blocks. The blocks will contain the code for the Merge.
The Bellatrix upgrade has been accomplished, and the participation rate was 94.94% due to the Bellatrix Effect. Also, there was a steep rise in the number of offline validators increased after the upgrade. However, another reason could be that some validators did not upgrade their nodes to be ready for the upgrade.
Post Ethereum Merge Scenario
The Paris upgrade will officially declare that the Merge is accomplished. The Terminal Total Difficulty of 58750000000000000000000 will happen when the upgrade goes live. The Paris upgrade involves the execution layer and will end mining on the Ethereum blockchain. The upgrade is tentatively fixed for next week though the final position will deal a last upon the hash rate.