Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet.
The transition, known as The
Merge, must first be activated on the Beacon Chain with the Bellatrix
upgrade. After this, the proof-of-work chain will migrate to
proof-of-stake upon hitting a specific Total Difficulty value.
The Bellatrix upgrade is scheduled for epoch 144896 on the Beacon Chain – 11:34:47am UTC on Sept 6, 2022.
The Terminal Total Difficulty value triggering The Merge is 58750000000000000000000, expected between Sept 10-20, 2022.
The Merge is different from previous network upgrades in two ways. First, node operators need to update both their consensus layer (CL) and execution layer (EL) clients in tandem, rather than just one of the two. Second, the upgrade activates in two phases: the first, named Bellatrix, at an epoch height on the Beacon Chain, and the second, named Paris, upon hitting a Total Difficulty value on the execution layer.
All Merge-related bounties for vulnerabilities have also received a 4x multiplier between now and the 8th of September. Critical bugs are now worth up to $1 million USD. See the bug bounty program for more details.