ETH (Ethereum) Hard Fork in December 2021 – Difficulty Bomb Delayed, Meaning?

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Additionally: The proof-of-stake scaling platform of Polygon is moving closer to implementing EIP 1559-style fee markets.

The Arrow Glacier hard fork took place on December 9 to delay the “difficulty bomb” until June of next year. The difficulty bomb forces the proof-of-work network to stop producing blocks, thereby making mining unprofitable and deterring miners from maintaining the chain after it merges into proof-of-stake.

With client interoperability and a functioning developer network, Amorpha, Ethereum core developers have made significant progress toward the Merge. However, a change to proof-of-stake at the mainnet level will take more time.

The difficulty bomb has been delayed a fourth time, but core developers are almost unanimously confident that the Merge will be ready by next summer, and they plan to continue providing updates in their weekly meetings.

Here is another edition of Valid Points.

Checking the pulse

Throughout the past week, the Ethereum 2.0 Beacon Chain has seen a lot of activity. Visit 101 explainer on Eth 2.0 metrics if you want to learn more about the metrics featured in this section.

(Beaconcha.in, BeaconScan)
(Beaconcha.in, BeaconScan)
(Beaconcha.in, BeaconScan)
(Beaconcha.in, BeaconScan)

Validated takeaways

Developers can now build on top of the rollup after Optimism removed its application whitelist.

BACKGROUND: A few months ago, Optimism, a highly anticipated Ethereum layer 2 protocol, was launched with only a handful of applications. Developers can now use Optimism with confidence, “opening the floodgates” to all.

Aave and Compound, two platforms offering decentralized finance, showed resilience during the recent crypto market pullback, with only a small portion of loans being liquidated.

BACKGROUND: DeFi is often regarded as risky and a way to get cheap leverage. Compared with the wipe on centralized exchanges, on-chain liquidations were simply a drop in the bucket. According to a Delphi Digital analysis, the majority of loans on Aave and Compound used very low leverage.

Beacon Chain validators will be awarded to highly-functioning client teams by the Ethereum Foundation.

BACKGROUND: Ethereum’s success depends on having a variety of high-quality clients, so that even if one client runs into a bug, the network will still function. It has been announced that the Ethereum Foundation will provide each client team with 144 vesting validators to run with their software in order to align the network and client teams in the long run.

In the coming months, Polygon will implement a proof-of-stake scaling platform that will allow for fee markets similar to EIP 1559.

BACKGROUND: According to Polygon’s internal analysis, the fee burn would remove 0.27% of their total supply each year. In contrast to Ethereum, Polygon has a fixed supply that will become deflationary as soon as it is upgraded on mainnet. Besides bringing predictability to the Polygon fee market, the upgrade will allow software providers to better predict acceptable transaction fees.

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