What happened with “The Merge”?

What happened to Ethereum in “The Merge”?

The Merge, which is an important upgrade to the Ethereum network, it took place at block 58750000000000000000000 without issues.

What is The Merge?

The term “The Merge” refers to the merging of the current Ethereum blockchain with the future one (Ethereum 2.0), which is based on proof-of-stake rather than proof-of-work. After the merge, transactions on the Ethereum blockchain will be processed and validated by stakers rather than miners. This fits in with the ideal of low energy consumption.

The Merge is discussed heavily since it will reduce Ethereum’s energy consumption by ~99.95% according to their team. You can find an extensive explanation on the Ethereum website: https://ethereum.org/en/upgrades/merge/

There are some misconceptions going around we would like to address. The Merge will not reduce gas fees or improve processing times. There are new upgrades planned that will improve that later on.

Does my wallet address for Ethereum change?

No, there is no impact on your wallet addresses.

Will LiteBit support new forked tokens?

LiteBit credited all owners of ETH on the time of the merge with their respective ETHPoW tokens 1:1. This action was performed on 12-10. Don't see any ETHPoW in your wallet? Wait a few hours and make sure you did have ETH in your wallet at the exact time of the merge. Still can't see your tokens? Then please contact support by creating a ticket.

Does anything change for Ethereum Classic?

Ethereum Classic is a stand-alone blockchain that was forked from Ethereum a long time ago. ETC is therefore not affected by The Merge and will not move towards proof-of-stake.