Keep Eyes on Ethereum Merge

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Three warning flags to watch out for, if there is an error with Ethereum during the Merge

Keep Eyes on Ethereum Merge
Keep Eyes on Ethereum Merge / Image Credit: CRYPKYP
1662628345 08 Sep / 09:12

The presumption that Ethereum will switch to a fully operational proof-of-stake (PoS) network following the Merge misses some of the risk and work involved in moving an asset with a $193 billion market valuation and 400 decentralized apps (DApps).

To that end, reports that anyone planning to trade the event, which is slated for September 14, must carefully monitor the state of the network. More importantly, traders need to be ready to see any worrying trends if something goes wrong.

A further $5.3 billion in Ether (ETH) is staked on the Beacon Chain in addition to the $34.2 billion in total value locked in smart contracts. The network uses numerous tokens, oracle providers, stablecoins, layer-2 scaling solutions, synthetic assets, nonfungible items (NFT), DApps, and cross-chain bridges.

This helps to explain why the Merge has been delayed numerous times over the years and why it is regarded as the biggest network update ever.

As a result, the Merge has been performed on three distinct testnets, with Goerli being the most recent as of August 11. Oddly, small difficulties were found with Ropsten and Sepolia testnet implementations. For instance, Ethereum engineer Marius van der Wijden noticed that the process was slowed down by “two separate terminal blocks and thousands of non-updated nodes.”

Any blockchain network’s blocks are its central component

Whatever the consensus procedure, it doesn’t matter: Every blockchain depends on new blocks being suggested and approved, and the network members must abide by certain block parameters for their consideration.

An epoch is a collection of up to 32 blocks that must be attested within six and a half minutes in the context of the Ethereum Merge. It’s crucial to regularly check the Eth2 Beacon Chain mainnet using reliable tools like BeaconScan by Etherscan and Ethscan ETH2 Explorer by Redot.

Low voting involvement on the epochs, the absence of finality after thirteen minutes (2 epochs), or a grinding standstill on proposed blocks would all be red flags on this monitor.

Monitoring Infura’s Ethereum 2.0 API

Developers can deploy their applications using Infura’s infrastructure for creating decentralized applications without running their own full Ethereum node. Under Joseph Lubin’s direction, the Ethereum venture capital firm ConsenSys owns the entire business.

According to Infura’s website, projects including Uniswap, Compound, Maker, Gnosis, Brave, Decentraland, and Web3 wallet provider MetaMask depend on their infrastructure.

Monitoring the Infura API is a good place to start when assessing the performance of DApps. In addition, given how intimately Infura is linked to the Ethereum ecosystem, its status page should consistently provide real-time updates.

Are validators suffering from slashings?

Penalty restrictions built into the Ethereum Merge consensus mechanism guard against attacks. Any validator that intentionally misbehaves has a portion of their 32 ETH stake withdrawn. The validator will eventually be removed from the network due to repeated cuts. For example, if their connection dropped, staking providers and the validator software have built-in safeguards to stop someone from unintentionally getting sliced.

Slashing is a common network behavior and a defensive precaution. Therefore traders need to understand that it shouldn’t be immediately viewed negatively. The simultaneous slashing of hundreds of validators, which would suggest that their program is not operating as it should, would be a worrying situation.

With over 410,000 active validators, the network would still function as intended, even if 20% or 30% of them finally went offline. Monitoring cutting is a preventative strategy because it probably means that a service, like a hosting provider, has stopped working or that an issue occurred during the Merge.

Instead of only keeping an eye on their node and server, Ethereum supporters should think about monitoring other data. Using numerous sources of information might help one avoid being deceived by data from a single website or a post on social media because there may be delays or even incorrect warning indications.

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