Ethereum Merge successful

CoindeskNovember 08, 2022

The upgrade of the Ethereum network known as ‘The Merge’ Happened on the morning of 15 September at 6:43 AM UTC, changing its consensus mechanism from Proof-of-Work to Proof-of-Stake. The upgrade is an impressive feat. Existing blockchains such as Cardano, Polkadot, Avalanche and BNB-chain have similar consensus algorithms so in that regard the update is not that special.
Swapping out part of the consensus mechanism of a running blockchain is an engineering feat that should not be viewed lightly according to many industry experts. The market reception on a successful Merge has been rather disappointing, signalling the upgrade as a ‘Sell The News’ Event, where it's likely that long-term effects become visible later.
In the days following the Ethereum Merge, over 40% of all network blocks for the Ethereum blockchain are generated by just two entities: Lido and Coinbase, showcasing challenges Ethereum has in not devolving into a highly inefficient centralized database rather than staying through to the decentralized ethos and the properties decentralization bring. Martin Köppelman, co-founder of Gnosis, highlighted the dangers of consolidation of consensus, as that will mean transactions can and will be censored in the future.