It is one of the first moves towards Phase 1.5, which would ‘dock’ Eth1 and Eth2.
Sigma Prime, a blockchain security provider, has announced the first merge transaction between the two Ethereum networks.
According to a March 25 tweet, the transaction was completed by its Lighthouse client using only Proof of Stake validators. It went on to say that this was a move towards a 99.98 percent reduction in Ethereum energy usage, based on estimates that compared the new Proof of Work Eth1 to the even more effective Proof of Stake Eth2.
Sigma Prime noted that while it is an impressive success, it is still a prototype with far more work to do, adding:
“Primarily, you should take this is a signal that Eth1 and Eth2 developers are actively working together on the merge.”
This is not the first time such a feat has been accomplished, with Sigma Prime pointing out that the Teku Ethereum client demonstrated a prototype capable of completing any Eth1 transaction in an Eth2 environment in August of last year.
The exchange is one of the first moves towards Phase 1.5 of the Ethereum 2.0 update roadmap, through which a “docking” mechanism would link the Eth1 mainnet to the Eth2 Beacon Chain and sharding framework.
The switch to Proof of Stake would replace the energy-intensive mining operations that currently power Eth1, though the blockchain will continue to act as an Eth2 shard once Phase 1.5 is completed.
In response to the Lighthouse growth, a debate about mining and its power use exploded on Reddit.
Citing the growing costs of energy and graphics processors as a consequence of the global chip shortage, Redditor HighlightAccording98 reported that staking is a more lucrative choice than mining.
“If I were a miner I would be sitting on a pile of staked ETH from selling my equipment collecting APY and waiting for the merge.”
Currently, staking on Beacon Chain is yielding an APY of 8.2% with 3.6 million ETH already deposited according to the Eth2 Launchpad.
292 Interactions, 2 today