- Ethereum Marge is the long-awaited switch from the inconvenient Proof of Work to the safer Proof of Stake. Ethereum is expected to become more scalable as a result of the transition, while consuming 99% less energy.
- Ethereum surged more than 5% on May 30 to surpass the daytime peak of $ 1,930, but fell faster than comparable assets on subsequent two-day sales.
- In contrast to most other cryptocurrencies, Ethereum continued to decline last week with total withdrawals of $ 11.6 million and a net outflow of $ 250 million so far, according to a Coinshares post released today. Reached.
Dr. Martin Hiesboeck, Head of Blockchain and Crypto Research for trading platform Uphold, issued a statement criticizing Ethereum and its developer Vitalik Buterin’s irregular and emotional Twitter posts. Hiesboeck believes Ethereum Merge will have a negative impact on the Ethereum network and pricing.
Ethereum surged more than 5% to a daytime peak of over $ 1,930 on May 30
Ethereum Marge is the long-awaited switch from the inconvenient Proof of Work to the safer Proof of Stake. Ethereum is expected to become more scalable as a result of the transition, while consuming 99% less energy. Expectations for switching to PoS are still high, but as always, they are still dangerous. Hiesboeck is skeptical that Ethereum Merge will achieve that goal. He said this in his email:
Ethereum surged more than 5% on May 30 to surpass the daytime peak of $ 1,930, but fell faster than comparable assets on subsequent two-day sales. On the same day, on-chain data reveals that Ether address, which is allegedly linked to Singapore-based crypto hedge fund Three Arrow Capital, has moved 32,000 ETH to FTX crypto exchange within an hour. I made it. This follows the transfer of 57,000 ETH to the exchange in May. Almost every day, Ethereum is back from the cold. It probably won’t sell right away, but it’s a simple need.
Most worrisome are the increasing number of DeFi attacks ($ 2.06 billion stolen this year) and Vitalik’s increasingly volatile and passionate tweets and forum posts. August was chosen to start the merge as the advisor informed Ethereum’s great heart that this was the least likely period to be affected by significant VC operations, as the London Fork was set in August. it was done. I haven’t expected the merge to happen yet.
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ETH continued to decline, with a total withdrawal of US $ 11.6 million, bringing net outflows to US $ 250 million.
As I pointed out a few months before the first launch date of The Merge last year, the whole concept of staking Ethereum was crazy from the beginning. Staking, like going public, improves the financial position of a company, project, or protocol, or contributes to the capacity and stability of the network. You don’t even need Ethereum. Ethereum’s operations are well-funded and network growth is guaranteed — or at least it seemed to be. Due to the failure of Strongblock, more nodes have failed and no one is ready to come back. At the same time, Layer 2 solutions such as Boba increase the risk-to-reward ratio. Ethereum is at stake and nothing can be resolved immediately.
In contrast to most other cryptocurrencies, Ethereum continued to decline last week with total withdrawals of $ 11.6 million and a net outflow of $ 250 million so far, according to a Coinshares post released today. Reached.
