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With Ethereum (ETH) completing its Merge to proof of stake, a new blockchain has earned the rank of the second-largest proof of work blockchain. Ethereum officially transitions to a PoS network, marking an end to mining ETH, on Thursday. With Ethereum no longer using a PoW consensus, Dogecoin (DOGE) is officially the second largest PoW blockchain after Bitcoin.
Bitcoin remains the leading PoW blockchain with a market cap of $383 billion. After Bitcoin and Dogecoin, Ethereum Classic (CRYPTO: ETC), Litecoin (CRYPTO: LTC), and Monero (CRYPTO: XMR) are ranked third, fourth and fifth in terms of largest PoW blockchains.
In terms of node count, however, Dogecoin ranks sixth behind Bitcoin, Zcash (CRYPTO: ZEC), Filecoin (CRYPTO: FIL), Monero, and Litecoin, as per data from Chain Parrot. According to Dogecoin developer Timothy Stebbing, the DOGE community can help grow this metric by installing DOGE nodes of their own.
After years of delays and speculation, the Ethereum Merge successfully dropped on Thursday, September 15, finally transitioning the world's largest cryptocurrency ecosystem from proof-of-work (PoW) to proof-of-stake (PoS). With the landmark protocol upgrade, Ethereum is now over 99% more energy efficient, and the foundations have been laid down to make it vastly more scalable and cheaper to operate.
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