Ethereum before “The Merge”: Which sources indicate whether everything is going smoothly?
Originally posted here.
On September 15, “The Merge” is scheduled to take place on Ethereum (ETH). We show three data sources that you can use during this time […]
On September 15, “The Merge” is scheduled to take place on Ethereum (ETH). We show three data sources that you can use during this time to check whether the protocol change is working as desired.
Only a few days remain until “The Merge” is expected to get underway at Ethereum (ETH) on September 15. With this, the second most important global cryptocurrency will change its technological protocol and it will affect around $200 billion in market capitalization in ETH and hundreds of DApps. Even though the preparations for “The Merge” started practically with the launch of the Beacon Chain as early as December 2020 and there was plenty of time for testing – mistakes cannot be ruled out and for investors in Ethereum this would possibly have fatal consequences not only in the DeFi division. We therefore give you three online sources at hand from which you can read in real time whether “The Merge” for Ethereum is proceeding as planned:
– In the future blockchain of ETH, 32 blocks each will be merged into a so-called epoch and confirmed, this is supposed to happen within 6.5 minutes. With a blockchain explorer for the beacon chain, such as here from Etherscan, you can see in real time if the signs are “green” or if anything in the blockchain has stalled.
– Important Ethereum DApps and applications from Metamask to Uniswap to Decentraland do not necessarily always access their own nodes for their services, but rely in part on the external provider Infura. Therefore, the status page here is a good indicator of whether “The Merge” in the Ethereum ecosystem causes unexpected disruptions or works smoothly.
– With the new Proof-of-Stake protocol, Ethereum has a mechanism in place to penalize network points that show up negatively when validating new blocks. Not every such “slash” is tragic; reasons for this can be manifold. But if hundreds of such “slashes” suddenly appear clustered and in parallel, something bigger is wrong. Here Etherscan’s blockchain explorer for the beacon chain shows when which Ethereum validator had to take a penalty.
Conclusion: caution required in the environment of “The Merge” on Ethereum.
We have summarized for you here where scammers might try to strike in the run-up to “The Merge” on Ethereum. A list of important crypto exchanges and their handling of “The Merge” for Ethereum we have here for you. In addition to the data sources listed in this text, it is of course worth following other trusted sources, such as Twitter. The risk of failure with “The Merge” is classified as very low by experts, but it is not only true for Ethereum in the crypto scene: Do your own research!