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Dear Bankless Nation 🏴,
The Merge is here! The Merge is here!
Unlike when we wrote those words two weeks ago, today the Merge is here. In fact, it’s not just here, it happened! And it was a resounding success.
At approximately 7am UTC on September 15, 2022, Ethereum became a blockchain validated by a proof-of-stake consensus mechanism. This transition away from proof-of-work to a less energy intensive and more scalable framework was well over five years in the making, but it happened in just an instant. Or to paraphrase a popular saying, the Merge was an overnight success five years in the making.
The change to proof-of-stake is about so much more than energy conservation, although it’s worth restating that an Ethereum network that consumes 99.95% less energy and is ESG compliant enables many of the world’s largest investment houses and mindful investors to take a second look at ether. No, the true power in the transition from proof-of-work to proof-of-stake is that it provides both the engine and the fuel to power what’s to come: a solution to the Scalability Trilemma, a blockchain that is secure, scalable, and decentralized.
But we’re saving the Ethereum Roadmap for the final issue of our Merge Trifecta. In this issue of the DeFi Download, we’ll review the Merge mechanics and highlight issues with consensus and execution layer client diversity and staking service centralization (it’s very important stuff!!), compare liquid staking tokens and do a deep dive into Lido and Rocket Pool, provide an accessible guide to ETH staking tactics, and conclude with a roundup of tweets and DeFi news.
It’s not just that Ethereum had a successful Merge; it’s that in many ways we all did. We saw what can happen when a small group of dedicated builders set out to solve hard problems. And solving hard problems is why many of us are here. So let’s tip our hats to the core devs, catch up with where we are with Ethereum, and get back to work. Thanks for being on this journey with us.
Contributors: BanklessDAO Writers Guild (Austin Foss, Elemental, helloashpreet, Hiro Kennelly, oxdog, siddhearta, Teeleroo, Jake and Stake)
From ‘Castle Ethereum,’ by Perchy
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