What happened in the 24 hours after Ethereum switched to POS?

Preface: Ethereum successfully completed the merger from POW to POS. Although this has been the ideal of the Ethereum team since its inception, it has successfully achieved its goal in such a calm way; the two forked coins of ETC and ETHPOW have not caused much splash, and the total market value does not exceed 4% of Ethereum; the US SEC has issued a "securities" threat to POS as usual. Perhaps real politics beyond technology will become a bigger trouble in the crypto world. Let's take a look at the timeline and events of Ethereum's 24-hour transition to POS.

1. At 14:43 on September 15, the NFT project @VanityBlocks minted the "The Last POW Block" NFT in the final block of the Ethereum PoW era. At the same time, in the transaction, it quoted the famous saying of American ethnobotanist and mystic Terrence McKenna and wrote a message: "As long as you have the courage to make a commitment, the world will help you to remove insurmountable obstacles. Go to complete your unfinished dreams, and the universe will never hold you back. This is the mystery."

2. The merged Ethereum network produced the first PoS block (height 15537394), and the first PoS block packaging verifier was: 0xeee27662c2b8eba3cd936a23f039f3189633e4c8. HashKey Capital wrote Memo in the first PoS block after the merger: Support the next generation of blockchain innovation. The Ethereum network gas fee briefly surged to 108gwei.

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

4. At 15:00, the ETC network computing power soared to 92.48TH/s, a 24-hour increase of 55.17%; the RVN network computing power soared to 10.092TH/s, a 24-hour increase of 35.463%. The CFX network computing power 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%, hedging or reducing short positions. At the same time, the ETH borrowed 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 Ethereum mainnet token recharge and withdrawal services. DeFi and NFT protocols are operating normally.

7. At 21:00, Poloniex owned by Justin Sun said that it decided to choose the forked chain EthereumFair (ETF) supported by the majority of the community and more PoW computing power as the main chain of the ETHW token. This ETF is not the ETHPOW previously promoted by Bao Erye and others, but was launched by the ClassZZ technical community. BitCoke announced that all its mining machines have switched to forked chain ETF mining, and will launch ETF spot trading pairs after system maintenance at 17:00 Beijing time on September 16.

8. At 21:40, Ethan Vera, COO 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 depressed potential returns. About 20-30% of Ethereum miners have migrated to other networks, and the rest are currently closed.

9. FTX, Bybit, etc. have launched EthereumPoW (ETHW) one after another. FTX, Bybit, etc. have launched EthereumPoW (ETHW) one after another. At 22:06, ETHW tweeted that the ETHW mainnet was launched and released information such as RPC URL and Chain ID. F2Pool stated that it has launched the ETHW (EthereumPoW) mining pool and has transferred the remaining computing power of the original ETH mining pool to ETHW mining. ETHW uses the Ethash mining algorithm and supports GPU and Ethash ASIC mining machines.

10. At 23:05, ETH fell below $1,500 and ETHW fell to $16.94.

At 8:00 on the 11th and 16th, the ETC network computing power was 270TH/s, down from the highest value of 300TH/s, and the price was $35.93; the ETHW network computing power was 59.87 TH/s, and the price was $13.2; the ETF network computing power was 35 TH/s, and the price was $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 the software update may trigger securities laws, and cryptocurrencies and intermediaries that allow holders to "pledge" their tokens may have to go through the court to determine whether the assets are securities. Howey test. If intermediaries such as cryptocurrency exchanges provide pledge services to their customers, then it "looks very similar to lending - just the label has changed."

At 9:00 on the 13th and 16th, the ranking of Ethereum staking nodes after POS: 30% for Lido, 14% for Coinbase, 8.3% for Kraken, and 6.5% for Binance; during POW, 28.9% for Ethermine, 14.5% for F2pool, and 10% for Hiveon Pool. Although the degree of centralization is similar, the concentration of US exchanges has increased.