Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: Here’s How to Benefit from ETH Merge According to Coingecko
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: Here’s How to Benefit from ETH Merge According to Coingecko
Share
  • bitcoinBitcoin(BTC)$27,875.00
  • ethereumEthereum(ETH)$1,908.14
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$313.37
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.50
  • cardanoCardano(ADA)$0.381532
  • staked-etherLido Staked Ether(STETH)$1,906.15
  • dogecoinDogecoin(DOGE)$0.072859
  • matic-networkPolygon(MATIC)$0.91
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Here’s How to Benefit from ETH Merge According to Coingecko
News

Here’s How to Benefit from ETH Merge According to Coingecko

Jim Haastrup
Last updated: 2023/03/14 at 1:08 PM
Jim Haastrup Published September 6, 2022 March 14, 2023
Share
VOC, Voice of Crypto, Ethereum

The ETH network’s merge with the beacon chain is just two weeks away. Since its announcement in mid-August, this Bellatrix merge has been one of the biggest buzzwords on the lips of everyone in the crypto community. The logic behind the merge is simple.

  • The Ethereum network moves from a proof of work (POW) mechanism to a proof of stake (POS) mechanism.
  • There will be no need for miners anymore, as ETH holders can now become validators and secure the network.

However, moving from proof of work to proof of stake can be a problem for the miners as it would mark the end of mining and, therefore, their activities. As a counter-argument to this, many have considered the possibility of the miners creating a fork of the POW version of the Ethereum Network, so they can continue mining.

If such a fork happens, it will produce two new competing blockchains: One in which the miners can continue their activities and another that operates completely on the new POS protocol. Recently, Bobby Ong, Co-Founder of CoinGecko, shared his thoughts about the matter, highlighting ways for ETH holders to take advantage of this fork when it happens.

How to Stay Profitable from ETH Merge

In a Twitter thread, the CoinGecko cofounder shared his strategies for making profits and staying safe in the upcoming merge.

- Advertisement -

According to Ong, ETH holders who had tokens before the merge will get airdrops of the new ETH proof of work tokens and can make a few clever moves to take advantage of this. Among the seven tips Ong shared, the first and easiest way to ‘hold eth in a wallet that supports the fork.’

He also noted that some exchanges may or may not give out forked tokens, and having full custody of one’s ETH in a hardware wallet is the most effective way to take advantage of this airdrop.

To maximize how much users get, Ong noted that it might be a good idea for users to:

  • Bridge all tokens back to the ETH mainnet
  • Unwrap all wrapped ether (WEth)
  • Remove liquidity from Defi protocols

Ong noted that claiming all airdrops might be unwise because some are bound to be scam attempts to access users’ private keys. ‘Sell them all immediately’, he says. “Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

- Advertisement -

Meanwhile, OpenSea, the NFT buy-sell platform, has stated that it will not support post-merge ‘forked NFTs’ on its platform. The NFT marketplace has made it clear that it would concentrate on serving just the NFTs that are on the enhanced proof of stake protocol. This comes as a measure to ensure a seamless transition along with the ETH network.

 

 

 

- Advertisement -

 

You Might Also Like

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

10 Top Cryptocurrency Exchanges in the USA

World Token Summit: Unlocking the Future: Unleash the Power of Tokenization 

Potential Losses for the U.S. in its Cryptocurrency Fight

BIG Catalyst Incoming for the Ethereum (ETH) Price

TAGGED: Blockchain, Crypto Exchange, DeFi, Ethereum, NFT
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article Bitcoin Drops Bitcoin Faces Extreme Selling Pressure, Why BTC Is Poised for a Major Breakdown Further?
Next Article VOC, Voice of Crypto, Russia, Bitcoin Central Bank of Russia to Greenlight Cross-Border Payments with Crypto
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
techcircus
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Bitcoin price BTC VOC
Bitcoin Miners Face Trouble as BTC Price Plunges Further
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?