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On September 15th, the Ethereum Merge finally took place. It represents a significant change in how the entire network is managed. The merge differs from a straightforward software upgrade in that it changed the actual “physics” of how the network security is maintained.
The switch from Proof-of-Work to Proof-of-Stake as the consensus mechanism means there is no more Ethereum mining. Validators now provide all of the network’s support.
What’s Happened So Far
The Merge and amount of attention it has garnered are the biggest proof that Ethereum truly is the center of the Web3 world.
Since the Merge, ETH has dropped sharply and has been ranging back around where it was before the “hype-up” period for this event.
ETH supply has been deflationary over the past few days. That may fluctuate over time, but even if it isn’t deflationary, the minimal supply growth puts upwards pressure on price in the long-term. Additionally, ETH becomes an attractive store of value, as the asset isn’t being devalued.
Compared to BTC or ETH when it ran a proof-of-work consensus mechanism, ETH is issuing a far lower proportion of new supply.