Ethereum Merge Led The Three Cryptocurrencies To Increase Their Value

by | Aug 22, 2022 | BNB, Market, Market News, News | 0 comments

One of the crypto platforms Ethereum took the headlines on July 14 during the announcement of its upcoming Merge. The announcement not only changed the ETH value but also several other cryptos. This Ethereum Merge is going to become one of the largest mechanism improvements over the past years. Ethereum completed its last of 3 public test nets including Georli on August 11. The upcoming merge is scheduled to be done on September 19. Only the announcement of the merger affected the crypto platform massively. ETH price was influenced by that disclosure. ETH was increased by 5% which jumped up to $1,950. That was the highest performance of Ether over the last three months.

The Ethereum upcoming Merger notably affected three prominent platforms including its branch.

1. Lido DAO (LDO) :

The Merge will change Ethereum’s miners with validators. They will require to front 32 ETH as an economic stake.

This primary staking necessity has disclosed opportunities for the middlemen platforms who collect Ether from underfunded stakes. They put the proceeds together becoming validators on the Ethereum blockchain. Lido DAO is one of the leading staking services. The platform provides 4.15 million ETH into the  Eth2 contract. It has staked nearly 1.55 million ETH.

It has a good potential to be bullish for the platform’s official governance token, LDO. Its value had already increased by more than 200% since the announcement of Ethereum Merge on July 14. 

2. Ethereum Classic (ETC) : 

Ethereum Classic attracted the bulls, increasing its value after the announcement. It became the shelter of the miners who tended to exit the main Ethereum network during the crash. Ethereum classic is known as a split chain from contentious hard forks in 2016. It has all qualities of the Proof-of-Work (PoW) consensus mechanism which is being used in the Ethereum main network. Ethereum Classic was creating itself as a natural refuge for Ethereum’s local miners. During Merge’s announcement on July 14, the platform’s native token, ETC, was raised by 200%. That retained the miners and later they shifted to the main network.

3. Optimism (OP) :

Optimism is a rollup service of the Ethereum network. The platform accumulates huge transaction data off-chain in batches. Later, it releases results to Ethereum main net when it reaches a consensus. This platform was increased by 250% after the Merge-announcement.

Present Situation :

From the end of 2021, the global crypto market has randomly fallen. Top coins like BTC and ETH faced massive volatility and the crash occurred. Even, stablecoins started to fall and other currencies also lost their value during that trouble. However, some coins like BNB, Solana, and Shiba Inu managed to retain for a time. Though the volatility is still dominating the market. Some crypto platforms have even filed for bankruptcy. Alongside, multiple scams, money laundering, and hacking are taking place in the market. Platforms like WazirX, Vauld’s, and other exchanges are under the probe ED. This overall risky situation made the investors reluctant to invest in any platform. Also, the user community is at risk-trading of the global crypto crash.