A formal Ethereum Comeback Proposal (EIP) has been created for the network's forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated proof-of-stake (PoS) transition.

On Thursday, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on GitHub, formalizing the chain merge as an comeback proposal for the get-go fourth dimension. The EIP has also been slated for word during Friday's Ethereum Core Devs Meeting by developer Tim Beiko.

The proposal would merge the Ethereum and Eth2 chains, transitioning the network's consensus mechanism away from proof-of-work and empowering stakers to validate transactions.

The EIP notes that no "safety nor liveness failures were detected" since the launch of Eth2'southward Beacon Concatenation in December 2022, adding:

"The long menstruation of running without failures demonstrates the sustainability of the beacon chain system and witnesses its readiness to outset driving and become a security provider for the Ethereum Mainnet."

Despite the EIP, many leading figures in the Ethereum community, including pb developer Vitalik Buterin, believe it is very unlikely the chain merge volition occur in 2022.

The EIP comes amid bidding for the EIP-1559 Supporter NFT series, which was launched via Mirror on Wednesday. The nonfungible tokens demonstrate support for the introduction of a burn mechanism to Ethereum's fees as part of the network's coming London upgrades. All proceeds will be shared among 1559'southward contributors, and the tokens were designed by artist Kitteh.

Since the launch of the Beacon Chain in Dec, Eth2 has emerged as the 2nd-largest PoS network by staked capitalization in United States dollar terms, with $12.7 billion worth of Ether (ETH) locked in staking despite less than six% of its circulating supply having been deposited.

Co-ordinate to Staking Rewards, Cardano has the largest staked capitalization with $24.2 billion and 62% of supply locked. Solana ranks third with $10.ii billion from 74%, followed past Polkadot with $9 billion from 63%.