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Despite a months-long rut in crypto markets, it’s been a historic year for Ethereum’s network.

The Merge — a technical upgrade that transitioned ethereum from an energy-intensive Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism — finally took place. It was the “most ambitious thing” that the industry has ever seen and the single-most important event in crypto’s history after the invention of bitcoin and ethereum, ConsenSys’ Ben Edgington previously told Insider.

Edgington, who worked on the upgrade for the past 4.5 years, described the Merge as “swapping out the engine mid-flight” while “fundamentally reengineering a chain which has hundreds of billions of dollars of value.”

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