On 6th September, the Bellatrix hardfork went live and in the meantime, Ethereum (ETH) was up 6% for a while. Now Ethereum is ready for the Merge.
Ethereum Bellatrix hardfork is now live
The long waited Merge upgrade is getting closer as the final stages are completed. The Ethereum Merge upgrade is going to be implemented in 2 steps and the Bellatrix hardfork is the first step. Today, 6th September 2022 the Bellatrix hardfork successfully launched on the Ethereum’s consensus layer which is known as Beacon Chain.
The hard fork occurred at epoch 144,896 and made the Ethereum halfway ready for the Merge upgrade. The second part of the upgrade which is named Paris will be live once Ethereum starts to operate under Proof-of-Stake consensus. According to the estimates, the time that Ethereum will hit 58750000000000000000000 Total Terminal Difficulty is 13-15 September and it will trigger the final stage of the Merge upgrade.
Ethereum (ETH) Went Up 6% on The Edge of The Merge
On Tuesday, Ethereum hit $1686 and it was enough for the 6% rise in the price. The price spike was mainly due to the Bellatrix hardfork. As Ethereum will move on to the proof-of-stake consensus mechanism with the Merge upgrade the attention of the media is on ETH.
It is expected that the Merge upgrade will take just 13 minutes. During the upgrade on the 14th of September, exchanges announced that they will halt withdrawal and deposits to the accounts. This measure will be taken mainly for precautionary reasons.
How to Prepare For The Ethereum Merge?
Crypto enthusiasts are waiting for the Ethereum Merge to occur. But what is required to be ready for the Merge? Here is how you can treat your funds. Co-founder and the COO of the CoinGecko, Bobby Ong has posted a detailed tweet about 7 steps you may consider to fully take advantage of the Merge. He mentioned that the previous PoW miners will not be able to mine new transactions as the consensus is converted to PoS.
“1. To get the ETH PoW tokens, you must first hold ETH on a wallet that supports this fork.
The best would be to have full custody of your ETH on a hardware wallet. If you are holding ETH on an exchange, your exchange may or may not give you the fork tokens.”
“2. Bridge all your tokens back to ETH mainnet.
You will not be getting any ETH PoW for your ETH held on Optimism, Arbitrum, Polygon, Avalanche or any other Layer 2 scaling solution. Move them back to mainnet before the Merge to get the ETH PoW tokens.”
The Ethereum Merge is scheduled to take place on 13 September. Christmas season is here again.
ETH holders will soon be airdropped ETH PoW tokens. What should you do to best position yourself?
Here are 7 steps you may consider to fully take advantage of the Merge:
— Bobby Ong (@bobbyong) September 5, 2022
All other details are in the tweet so check it to be ready for the Merge fork. Do your own research as well there might be some concepts that are not mentioned in the article and you can miss those points.
Ethereum is Getting Stronger Against Bitcoin
As Ethereum continues to be the main topic of discussion it soars against Bitcoin as well. ETH/BTC pair displays persistent growth since mid-July and increased up to 0.084 on 6th September 2022. The last time Ethereum was traded at around 0.084 was on 21st December 2021.
Three Arrow Capital Removes ETH from Liquidity Pools
The Singapore-based fund, 3AC removed the next bunch of cryptocurrencies from the liquidity pools. The company filed for bankruptcy in July and today removed 200 bitcoins, 4 million USDT, and $4 million worth of wrapped Ether from the Curve liquidity pool.
The wallet which was previously indicated by Nansen that belongs to the 3AC had its latest transaction 10 days ago and they unwrapped $9 million worth of wrapped stETH.