Upcoming Eth2 Launches ‘Ethereum Improvement Proposal 3675’ on Github

Recently, a formal Etheruem Improvement Proposal ‘EIP-3675’ has been created for the coming Eth2 merge. This brings Ethereum one step closer to its highly anticipated Proof-of-Stake transition.

On Thursday, Consensys researcher Mikhail Kalinin (mkalinin) created a pull request for EIP-3675 on Github, which formalize the chain merge as an improvement proposal.

According to developer Tim Beiko, the EIP has been slated for discussion during the Ethereum Core Devs Meeting today.

Of note, Ethereum is currently on Proof-of-Work. The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism. The EIP also notes that no ‘safety nor liveness failures were detected’ since the launch of the Eth2 beacon chain last December 2020.

It further explained that the long period of running without failures demonstrates the sustainability of the beacon chain system. Vitalik Buterin believes it is very unlikely that the chain merge will occur this year despite the EIP.

Since the launch of the beacon chain in December, Eth2 has become the second-largest PoS network by staked capitalization in USD. It has $12.7 billion worth of Ether locked in staking despite less than 6% of its circulating supply.

Meanwhile, Cardano remains the largest staked capitalization with $24.2 billion and 62% of supply locked. Third place goes to Solana with $10.2 billion from 74%, then Polkadot with $9 billion from 63%.

Lastly, the EIP comes amid the bidding of the EIP-1559 Supporter NFT series. The NFT demonstrates support for the introduction of a burn mechanism. All proceeds are reported to be shared among 1559’s contributors. Whereas, the tokens were designed by a famous artist called “Kitteh”.