The Ethereum (ETH) Merge has been successfully executed on September 15, 2022, with no Proof-of-Work (PoW) token. This completed Ethereum’s transition to Proof-of-Stake (PoS) consensus, officially deprecating PoW and reducing energy consumption by ~99.95%.
About the Merge
The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since genesis) with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the network to be secured using staked ETH.
Effect on Users and Holders
The Merge did not change anything for holders/users. As a user or holder of ETH or any other digital asset on Ethereum, as well as non-node-operating stakers, you do not need to do anything with your funds or wallet to account for The Merge. Your ETH wallets will work exactly the same after The Merge as they did before.
Despite swapping out PoW, the entire history of Ethereum since genesis remained intact and unaltered by the transition to PoS. Any funds held in your wallet before The Merge will be still accessible after The Merge. No action is required to upgrade on your part.
What happened to ‘Eth2’?
The term ‘Eth2’ has been deprecated. After merging ‘Eth1’ and ‘Eth2’ into a single chain, there is no longer any need to distinguish between two Ethereum networks; there is just Ethereum.
For more details, please refer to the following links:
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