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Ethereum merger plans in full swing as Teku and Geth release update

Ethereum 2.0 client Teku released version 22.8.1 update on August 22, including Bellatrix network upgrade and Merge setup.

The document states that all mainnet users must complete the upgrade by September 6 in preparation for the Ethereum merger scheduled for September 15.

According to the instructions accompanying the update, all mainnet nodes must connect to a local runtime API, and validators must set a default charge recipient.

The update is very important both for the runtime client and for Teku. Without this, Teku will report a configuration error of the Merge transition” or “Execution Client is offline”.

Additionally, it “sets the Bellatrix fork epoch and TTD (Total Terminal Difficulty) for The Merge on MainNet” and simplifies standard REST API usage.

Other improvements include setting up multiple beacon nodes for a validator, seeded cache for new justified endpoints, and the ability to stay in optimistic mode even without a viable branch in the block tree.

The update also fixes several bugs, such as “NullPointerException”, repeated timeout exceptions, and the computed payload issue.

The tweet also included a document explaining how users and validators of Teku beacon nodes can prepare for the merge.

Geth Releases Fusion Update

Ethereum client Go Ethereum (Geth) has released Geth v1.10.22 (Promavess), its first merge update.

According to Geth’s GitHub, the update allow Merging of the Ethereum mainnet into a Terminal Total Difficulty 5875 trillion 5875 trillion Total Difficulty 5875 trillion scheduled for September 15th.

According to the information available, it would take an average of 872.2 TH/s to reach the required final TTD. The current hash rate is around this range with a total difficulty of 56938771076282196928114.

The announcement added that “the merge will require both a runtime (Geth) client and a consensus client.”

Interest in staking skyrockets

Interest in staking has also increased over the past few weeks as Data on Etherscan shows that the contract address balance is now 13,344,424 (over $20 billion).

OKLink Data showed that staking now accounts for around 11.17% of total Ethereum supply. He continued that 153,000 ETH has been staked since August, with around 36,000 ETH added weekly.

Ethereum price drops

Ethereum’s price is down over 18% in the past seven days as the community continues to discuss how the merger could affect the asset’s censorship resistance.

According to data from CryptoSlate, Ethereum price slipped below $1600 to hit $1556 on August 20.

Ethermine, the largest Ethereum miner, has stopped processing transactions related to Tornado Cash following the sanction on the crypto mixer. DeFi platforms like Aave, Uniswap, Balancer and others have also banned addresses connected to the sanctioned platform.

Meanwhile, Coinbase CEO Brian Armstrong has revealed that the company will shut down its staking services if regulators ask it to censor transactions.

Posted in: Ethereum, Merger