A proper Ethereum Improvement Proposal has been created for the community’s forthcoming chain merge, bringing Ethereum one step nearer to realizing its extremely anticipated Proof-of-Stake (PoS) transition.
On July 22, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github, formalizing the chain merge as an enchancment proposal for the first time. The EIP has additionally been slated for dialogue throughout the July 23 Ethereum Core Devs Assembly by developer Tim Beiko.
— Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021
The proposal would merge the Ethereum and Eth2 chains, transitioning the community’s consensus mechanism away from Proof-of-Work and empowering stakers to validate transactions.
The EIP notes that no “safety nor liveness failures were detected” since the launch of Eth2’s beacon chain in December 2020, including:
“The long period of running without failures demonstrates the sustainability of the beacon chain system and witnesses its readiness to start driving and become a security provider for the Ethereum Mainnet.”
Regardless of the EIP, many main figures in the Ethereum neighborhood, together with lead developer Vitalik Buterin, consider it is rather unlikely the chain merge will happen throughout 2021.
The EIP comes amid bidding for the EIP-1559 Supporter NFT collection which was launched through Mirror on July 21. The nonfungible tokens show help for the introduction of a burn mechanism to Ethereum’s charge market as a part of the community’s coming London upgrades. All proceeds will probably be shared amongst 1559’s contributors, and the tokens had been designed by artist “Kitteh.“
Since the launch of the beacon chain in December, Eth2 has emerged as the second-largest PoS community by staked capitalization in USD phrases, with $12.7 billion value of Ether locked in staking regardless of lower than 6% of its circulating provide having been deposited.
In line with Staking Rewards, Cardano has the largest staked capitalization with $24.2 billion and 62% of provide locked. Solana ranks third with $10.2 billion from 74%, adopted by Polkadot with $9 billion from 63%.