Described by Glassnode as the “most impressive feats of engineering in the automotive industry.” blockchain”, the final transition of the network Ethereum of the consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS) took place on September 15.
On September 15 at 06:46:46 UTC, the last PoW mined block was produced at Ethereum blockheight 15,537,393, after which the merger was completed.
With the Ethereum network running on a PoS consensus mechanism, new metrics to gauge the performance of the brand new chain have been implemented by the on-chain analytics platform, Glassnode.
Let’s take a look at the performance of the PoS network since the merger.
Ethereum since the merger
It is common knowledge that the transition to a PoS mechanism has ended mining on the Ethereum blockchain. To replace miners, a validator pool was introduced.
These validators are automatically organized into sets of committees and block proposers for each Epoch of 32 slots. A validator in a committee is responsible for producing blocks for every 12 seconds.
In some cases, this block-producing validator may be unavailable at the time, resulting in wasted time. Missed block. The number of missed blocks on the PoS network peaked at 104 after the September 16 meltdown.
However, it has since declined, and as of September 19 only 69 blocks have been missed.
Glassnode found that two weeks before the merger, the participation rate on the Beacon chain suffered a slight decline and fell below the usual 99% to stand at 97.5%.
However, this rate rebounded after the merger and was valued at 99.059% at press time.
Additionally, as mentioned above, PoS chain validators are grouped into committees and block proposers for each Epoch 32 slots.
Each Epoch has up to 64 committees of at least 128 algorithmically selected validators per slot for block production and attestation.
According to Glassnode, there is one validator chosen to offer a block for each slot while the others issue “votes of attestation”. This is the number of “yes” votes cast by these validators.
Before the merger, there was a drop in the number of attestations on the network, according to Glassnode. However, since the merger, it has returned to the expected range.
According to Glassnode, there were 430,181 active validators on the PoS network at press time. The number of validators on the chain continues to grow.
More than 11,360 validators joined the channel in September alone, signaling “growing investor confidence as the technical challenges of the merger are resolved.”
These validators have staked over 14.586 million ETH in the PoS chain. This value represents 12.2% of the total ETH supply. This brings us to a new metric that Glassnode has described as follows Effective balance.
This is the portion of staked ETH that actively participates in on-chain consensus. At the time of writing, the effective Ethereum balance was 13,765,674, or approximately 11.5% of the total ETH supply.
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Ethereum: Assessing Every Corner of the PoS Network Since the Merger – Media Patrollers
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