What happened 24 hours after Ethereum switched to POS?

Ethereum successfully completed the merger of POW to POS. Although this is the ideal of the Ethereum team since its inception, it has successfully achieved the goal in such a calm way; the two forked coins of ETC and ETHPOW have not set off much. Splash, the total market value does not exceed 4% of Ethereum; the US SEC has issued a "securities" threat to POS as usual, and perhaps real politics outside of technology will become a bigger trouble in the encryption world. Let's take a look at the 24-hour timeline and events after Ethereum switched to POS.

1. At 14:43 on September 15th, NFT project @VanityBlocks minted "The Last POW Block" NFT in the final block of the Ethereum PoW era, and at the same time quoted American ethnobotanists and mystics in the transaction. Lance McKenna famously wrote the message "If you have the courage to make a commitment, the world will help you to remove insurmountable obstacles. To fulfill your unfinished dreams, the universe will never hold you back. This is the secret. ."

2. The merged Ethereum network produces the first PoS block (with a height of 15537394), and the first PoS block packaging validator is: 0xeee27662c2b8eba3cd936a23f039f3189633e4c8. HashKey Capital Writes Memo in First Merged PoS Block: Supporting Next-Generation Blockchain Innovation. The gas fee of the Ethereum network shot up to 108gwei in a short time.

3. 15 minutes before the merger, Ethereum co-founder Vitalik said that the Ethereum merger will reduce global electricity consumption by 0.2%. Following the success, Vitalik stated that this is an important moment for the Ethereum ecosystem. Everyone who helped bring about the merger should be very proud today.

4. At 15:00, the hashrate of the ETC network soared to 92.48TH/s, a 24-hour increase of 55.17%; the RVN network-wide hashrate soared to 10.092TH/s, a 24-hour increase of 35.463%. CFX's entire network hashrate soared to 1.6158 TH/s, a 24-hour increase of 55.74%.

5. At 15:30, the Binance ETHUSDT perpetual funding rate has dropped from nearly -0.5% before the merger to about -0.24%, which means hedging or hedging or reducing short positions. At the same time, the ETH lent on Aave is also being returned after the merger is completed, and the capital utilization rate has dropped below 75%.

6. At 16:00, Binance and FTX have resumed the recharge and withdrawal services of Ethereum mainnet tokens. Both DeFi and NFT protocols are functioning normally.

7. At 21:00, Poloniex stated that it had decided to choose EthereumFair (ETF), a forked chain supported by the majority of the community and more PoW computing power, as the main chain of ETHW tokens. This ETF is not the ETHPOW that Bao Erye and others have pushed before, but is launched by the ClassZZ technical community. BitCoke announced that all its miners have turned to forked chain ETF mining, and will launch ETF spot trading pairs after the system maintenance at 17:00 on September 16th, Beijing time.

8. At 21:40, Ethan Vera, chief operating officer of Ethereum mining pool Luxor, said that as the hashing difficulty of networks such as ETC and RVN continues to rise, competition among miners has driven down potential returns. About 20-30% of Ethereum miners have migrated to other networks and the rest are currently closed.

9. FTX, Bybit, etc. have successively launched EthereumPoW (ETHW). FTX, Bybit, etc. have successively launched EthereumPoW (ETHW). At 22:6, ETHW tweeted that the ETHW mainnet was online, and released RPC URL, Chain ID and other information. Yuchi said that it has launched the ETHW (EthereumPoW) mining pool, and has transferred the legacy computing power of the original ETH mining pool to ETHW mining. ETHW uses the Ethash mining algorithm and supports GPU and Ethash ASIC miners.

10. At 23:5, ETH fell below $1,500 and ETHW fell to $16.94.

At 8:00 on the 11th and 16th, the hashrate of ETC was 270TH/s, a decrease from the highest value of 300TH/s, and the price was $35.93; the hashrate of ETHW was 59.87 TH/s, and the price was $13.2; the hashrate of ETF was 35 TH /s for $17.33. The computing power is about 1/3 of Ethereum, and the total market value is about 4% of Ethereum.

12. According to The Wall Street Journal, SEC Chairman Gary Gensler said that the (POS) system used by Ethereum after a software update could trigger securities laws, cryptocurrencies and intermediaries that allow holders to “pledge” their tokens may have to go through Howe Test for Courts to Determine Whether Assets Are Securities. If an intermediary like a cryptocurrency exchange offers staking services to its clients, it “looks very similar to lending — just with a different label.”

At 9:00 on the 13th and 16th, the ranking of Ethereum pledge nodes after POS: 30% are Lido, 14% are Coinbase, 8.3% are Kraken, 6.5% are Binance; when POW, 28.9% are Ethermine mining pool; 14.5% are F2pool; 10% For Hiveon Pool. While the level of centralization is similar, the concentration on U.S. exchanges has risen.
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