Ethereum Merge is 34K Blocks Away! Here is the History and What Will Happen

Gnosis co-founder Martin Köppelmann explained that former off-line validators are back on-line as Bellatrix is ​​back to normal. According to an on-chain tracker, Ethereum Merge is now 34,000 blocks away. Also, Ethereum developer Tim Beiko announced that the Kiln test-net, which was launched to test Ethereum Merge, will be shutting down.

Ethereum Merge is 34,000 blocks away

As you follow on Kriptokoin.com, the highly anticipated Ethereum (ETH) Merge will take place on September 14. On-chain tracker Ultrasound Money (UM) estimates that the highly anticipated Merge is 34,000 blocks away. Merge will take place on a terminal total difficulty level of 58,750,000,000T. Also, the latest block difficulty will be at 12,345T.

Gnosis co-founder Martin Köppelmann explained that former off-line validators are back online as the net apparent drop in Bellatrix has returned to normal.

Köppelmann said on September 6 that the Bellatrix upgrade has a 9% missed block rate. He expressed concern that this rate was higher than the normal 0.5%. Many in the community took this as a clue to question whether the network was ready for Merge. However, with the new notification, the community will make sure everything goes as planned for Merge.

Ethereum supply

According to Ultrasound Money, the total supply of Ethereum is over 120 million. Also, the amount of Ethereum staked on Beacon Chain is 13.6 million ETH, over 10% of the asset supply. UM predicts that Ethereum PoS will issue 1700 ETH daily if staked ETH reaches 14 million. He notes that as the number of ETH staked increases, so will the number of assets issued.

Meanwhile, a Chainalysis report said that Merge will attract more institutional investors to Ethereum. According to the report, ETH will act more like bonds and commodities, increasing their confidence in the token.

Ethereum burning mechanism

According to experts, Ethereum’s burn mechanism will likely reduce the token supply. In the last 24 hours, 1,967.60 ETH, representing 1.37 ETH per minute, went to the burn wallet. Thus, the network has burned 38,236.53 ETH in the last 30 days.

Protocols responsible for most of the ETH burned in the last 30 days include OpenSea, Uniswap V3, Uniswap V2, Gem and 1inch v4. So NFT and DeFi protocols are mostly responsible for ETH burned.

Kiln Test-net used for Ethereum Merge will be shut down

Ethereum developer Tim Beiko has shared information about Ethereum Kiln, Ropsten and Rinkeby test-nets that are scheduled to run until sundown. According to Beiko, Ropsten and Rinkeby will receive gradually less support from infrastructure providers in the coming months. Kiln will be the first to close them.

As stated in a blog post, Kiln, an Ethereum Merge test-net launched in early 2022, will be shutting down the week of September 12, 2022. The team launched the Kiln test-net, which it now plans to deprecate, to test Ethereum Merge.