Ethereum completed The Merge in September 2022
Archive update: The original article discussed uncertainty about the timing of Ethereum's transition away from proof-of-work. The upgrade is now complete.
Ethereum executed The Merge on 15 September 2022, joining the original execution layer with the Beacon Chain and replacing proof-of-work block production with proof-of-stake validators. Transaction history and user balances were retained.
The Merge did not by itself make transactions faster or cheaper, and users did not need to exchange their ETH for a new token. Protocol changes do not remove smart-contract, custody, market or staking risks.
Primary source: Ethereum.org: The Merge.
This article is educational and not investment advice.
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