What happened 24 hours after Ethereum switched to POS

Foreword: Ethereum successfully completed the merger of POW to POS. Although this is the ideal of Ethereum team since its inception, it successfully achieved its goal in such a calm way; The two forked coins of ETC and ETHPOW did not cause much trouble, and the total market value did not exceed 4% of Ethereum; As usual, the US SEC has issued a threat of "securities" to POS. Perhaps the real politics outside of technology will become a bigger problem in the crypto world. Let's take a look at the 24-hour timeline and events after Ethereum turns to POS.

1. At 14:43 on September 15, the NFT project @ VanityBlocks forged the "The Last POW Block" NFT in the final block of the Ethereum PoW era, and quoted the famous words of American ethnobotanist and mystic Terrence McKenna in this transaction to write a message" As long as you have the courage to make commitments, the world will help you to remove insurmountable obstacles. To fulfill your unfinished dreams, the universe will never hold you back. This is where the mystery lies& quot;

2. The merged Ethereum network produced the first PoS block (with a height of 15537394). The first PoS block was packaged and verified by 0xeee27662c2b8eba3cd936a23f039f3189633e4c8. HashKey Capital writes Memo in the first PoS block after the merger: it supports the innovation of the next generation blockchain.The gas fee of Ethereum network is up to 108 gwei in a short time.

3. 15 minutes before the merger,Vitalik, co-founder of Ethereum, said that the merger of Ethereum would reduce global power consumption by 0.2%.After the success, Vitalik said 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 network computing power of ETC soared to 92.48TH/s, with a 24-hour increase of 55.17%; RVN computing power soared to 10.092TH/s, a 24-hour increase of 35.463%. The computing power of the whole CFX network soared to 1.6158 TH/s, a 24-hour increase of 55.74%.

5. At 15:30, the rate of perpetual capital of Binance ETHUSDT had dropped from nearly - 0.5% before the merger to about - 0.24%, and it was hedging or hedging or reducing short positions. At the same time, ETH loaned from Aave are also being returned after the consolidation, and the capital utilization rate drops to below 75%.

6. At 16:00, Coin Security and FTX have resumed the service of recharging and cash withdrawal of the main network token of Ethereum. Both DeFi and NFT protocols operate normally.

7. At 21:00, Sun Yuchen's Poloniex; Means,  It was decided to choose Ethereum Fair (ETF), a branch 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 pushed by Bao Erye and others before, but launched by ClassZZ technology community. BitCoke announced that all its mining machines have turned to forked chain ETF for mining and will launch ETF spot trading pairs after the system maintenance at 17:00 on September 16, Beijing time.

8. At 21:40, Ethan Vera, chief operating officer of Luxor, Ethereum Ore Pool, said that with the increasing difficulty of hashing in ETC, RVN and other networks, the competition among miners had depressed potential returns. About 20-30% of Ethereum miners have migrated to other networks, and the rest have been closed.

9. FTX, Bybit, etc. have been launched into Ethereum PoW (ETHW) successively. FTX, Bybit, etc. have been launched into Ethereum PoW (ETHW) successively. At 22:6, ETHW tweeted that ETHW's main network was online, and published RPC URL, Chain ID and other information. The fishpond indicates that the ETHW (Ethereum PoW) ore pool has been launched, and the residual computing power of the original ETH ore pool has been transferred to ETHW for mining. ETHW uses the Ethash mining algorithm to support GPU and Ethash ASIC mining machines.

10. At 23:5, ETH fell below 1500 dollars and ETHW fell to 16.94 dollars.

11. At 8:00 on the 16th, ETC's total network computing power was 270TH/s, down from the highest value of 300TH/s, and the price was 35.93 dollars; ETHW's total network computing power is 59.87 TH/s, and the price is 13.2 dollars; The total network computing power of ETF is 35 TH/s, and the price is US $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 the securities law, allowing the holders to "pledge" the cryptocurrency of their tokens and intermediaries may have to go through the court to determine whether the assets are the Haowei test of securities. If an intermediary such as Cryptocurrency Exchange provides pledge services to its customers, it "looks very similar to lending - only the label has changed".

13. At 9:00 on the 16th, among the pledge nodes of Ethereum after POS, 30% were Lido, 14% were Coinbase, 8.3% were Kraken, 6.5% were Binance; In POW, 28.9% is Ethermine ore pool; 14.5% is F2pool; 10% is Hiveon Pool. Although the degree of centralization is similar, the concentration of American exchanges has increased.