One of the final tests necessary for Ethereum to pass before the Merge was the blockchain’s much anticipated and frequently delayed switch to proof of stake.
The ninth shadow fork of the blockchain went live this morning, 15 hours early. Today’s shadow forks simulate one or two specific modifications that will be made during the Merge. Shadow forks are distinct from complete testnet hard forks, like the Sepolia testnet that occurred last week and switched the whole Ethereum mainnet to a test network.
The current Ethereum shadow fork focused on MEV
The so-called MEV boost functionality of Ethereum was tested during today’s shadow split. The mechanism through which those who produce fresh ETH may make more money by exploiting their power over the network and giving particular users’ transactions priority is known as MEV, or “maximum extractable value.”
After the Merge, ETH will be generated by “validating,” or promising significant amounts of pre-existing ETH, as opposed to currently being formed by “mining” for it with specialized technology.
A mechanism designed to promote competition among validators, raise overall validating profits, and reduce the risk of validators gaining undue control over the timing or order of user transactions is the MEV boost feature, which enables validators to offer space within blocks they create to other validators.
According to estimates from the Ethereum Foundation, the proof-of-stake method of generating new ETH will be 99 percent more environmentally friendly than the present, energy-intensive proof-of-work model, but it will also result in lower profits for the individuals involved.
The Merge’s switch to proof of stake is expected to leave thousands of Ethereum miners stranded since they won’t be able to match the post-Merge business model for mining Ethereum and will be stuck with the bill for tremendously expensive mining equipment.