Ethereum team activates Bellatrix update
The Bellatrix update for the Ethereum network was rolled out on Tuesday, 6 September.
The update took place at epoch 144,896, an important step towards the long-awaited blockchain merger. Prysmatic Labs developer Terence Tsao and EthHub co-founder Anthony Sassano were quick to tweet about the successful activation.
Ethereum’s transition to the Proof-of-Stake (PoS) algorithm will take place in two phases. Bellatrix was the first stage. Then, after the launch of the Paris update, Ethereum will start producing blocks using the PoS consensus method – once the total terminal complexity reaches 587500000000000000000000000. Much depends on the hash rate of the network. The developers estimate that the update will be launched around 15 September.
According to Blocknative’s countdown, the merger should be completed in seven and a half days, on 14 September.
The launch of Bellatrix has benefited the ETH exchange rate. It is up 6.5%, and ether is now trading above $1,680 per coin. Analysts expect that the move to PoS will give ether an additional boost to growth, and this could be the start of a bullish trend in the cryptocurrency market.
However, not all node operators have made the necessary changes to prepare for the merger. According to EtherNodes, only 26.7% of operators managed to sync with the chain. Node operators have been asked to update their customers to the 144,896 era.
This was previously recalled by Ethereum co-founder Vitalik Buterin and Ethereum core developer Tim Beiko. Meanwhile, trading platforms FTX and Binance have suspended deposits and withdrawals of Ether as well as ERC-20 tokens for the duration of the Ethereum network merger to ensure the safety of user funds.