Countdown For Ethereum (ETH) Merge: 34K Blocks Left!

long awaited Ethereum Merge The countdown has begun for the update.

Blockchain statistics platform of ultrasound.Money According to data, only 34,000 blocks are left in front of the highly anticipated Ethereum Merge update.

According to the site’s data, 99.30% of the ETH Merge update has been completed.

Ultrasound.Money estimates the realization date of the Ethereum Merge update as September 15, 02:00 Turkey time.

Fixed Bugs in Bellatrix Update

Martin Köppelmann, co-founder of Gnosis, a DeFi development startup, Bellatrix announced that the validators that remained offline after the update were reactivated.

Around ~5% of validators not able to attest, around ~9% not able to propose blocks. Again, nothing dramatic but I am already curious to learn more about the issues. https://t.co/5mie9SS8zj pic.twitter.com/0qUexuYPI7

— Martin Köppelmann 🇺🇦 (@koeppelmann) September 6, 2022

Martin Köppelman previously announced that after the Bellatrix update, the loss rate in the last 600 blocks was 9% due to outdated miners. The loss rate that should occur under normal conditions is 0.5%.

Köppelman stated that this situation will not cause a big problem for Merge. However, the crypto community was hesitant about whether the Merge update would be delayed.

Current Data from Ethereum

According to current data on Ultrasound.Money, the total supply of ETH has exceeded 120 million. About 11.3% of the total supply (around 13.6 million ETH) is staked on the Beacon chain.

If the amount of ETH staked reaches 14 million, according to analysts, 1700 ETH will be produced daily by Ethereum PoS.

With Ethereum’s new burning mechanism, the total supply is expected to decrease. 1,967 ETH has been burned in the last 24 hours. The platforms that contributed the most to ETH burns in the last 30 days are OpenSea, UniSwap, Gem and 1inch4.