The Merge will affect Ethereum's smart contracts worth 1.45 million. Developers are advised to plan their migration strategies accordingly
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In an official notification, Chainlink, a decentralised blockchain oracle network built on Ethereum, announced that following the awaited switch of from Proof-of-Work (PoW) to Proof-of-Stake (PoS) on Ethereum, it will not offer support for forked versions of the Ethereum blockchain.
The announcement read:
"Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is aligned with both the Ethereum Foundation and broader Ethereum community's decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus."
Chainlink is a top Ethereum network provider of smart contract infrastructure with a sizable presence in the Defi, enterprise, and NFT & gaming sectors. The Merge was earlier scheduled to be in mid-2021. However, now the Beacon Chain and Ethereum mainnet will be merged during this upgrade in mid-September 2022. As a result, all activities on the Ethereum network will switch from PoW to PoS.
As scheduled by developers, Phase 1 will begin migrating the ecosystem's transaction history and smart contracts to the PoS network. The Merge will impact all the Ethereum smart contracts worth 1.45 million as of Q1 2022.