Ethereum developers have taken measures to address the last few problems that occurred on the Beacon chain last week. On May 11 and May 12, the consensus layer of the Ethereum network, the Beacon chain, was unable to reach the finalizer on two occasions. The first incident lasted for 25 minutes and the second for over an hour.
While the exact cause of such incident is yet unknown, it is worth mentioning that this network disturbance had no effect on on-chain activity and transactions were still processed.
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Ethereum developers roll out network patch to tackle final challenge
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In response, over the past week, Ethereum developers have released patches to provide solutions for users of the network.
according to a do Beacon chain community health analyst Superfizz, Teku and Prism, two of Ethereum’s Constituent clients, have implemented these improvements, which should help prevent further endpoint issues on the Beacon chain.
We can begin to put this loss of finality behind us, @Teku_ConsenSys And @prylabs Deployed fixes to prevent validation flooding. This is one step in our journey of diversity and decentralization, let us learn from it and move forward with greater purpose. pic.twitter.com/cSRgPTWeuy
— superphiz.eth 🦇🔊🛡️ (@superphiz) May 13, 2023
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Superfizz also shared a statement from the Ethereum Foundation, in which they speculate that the reason for these “extraordinary scenarios” is the “high load of certain consensus layer clients.”
The Ethereum Foundation appreciated the client diversity that made it possible for transactions to occur on the network, as not all client implementations were affected by the final challenges.
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The Ethereum Foundation has also confirmed that the exact cause of the Beacon chain glitch is still unknown. However, he assured that the upgrades implemented by Teku and Prsym will help avoid future incidents through optimizations that will prevent beacon nodes from high resource usage during these situations.
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ETH total supply drops after merger
In other news, the total supply of Ethereum decreased in the months following the merge.
On September 15, 2022, The Merge occurred, in which the Ethereum network completely transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS), leading to Ethereum 2.0.
Data from the Ethereum supply analytics platform, 241 days after this historic event, ultrasound.money Shows that the total supply of ETH has decreased by 0.29%.
Since The Merge, over 653,000 ETH have been burned compared to 425,000 ETH in the past eight months, resulting in a net negative change of approximately -227,000 ETH.
Interestingly, Ultrasound.money predicts that the total ETH supply would have grown at a rate of 3.244% per annum if the merger had not happened.
That said, if this deflationary trend continues, it could mean good news for long-term ETH investors. This is because a decrease in supply usually leads to an increase in price.
At the time of writing, ETH is Business at $1,805.77 with a total supply of 122.89 million. Along with most of the market, ETH showed a negative price movement last week, losing 5.36% of its value.
ETH Trading At $1804.73 | Source: ETHUSD Chart on Tradingview.com
Featured Image: Chart from Forbes, TradingView