ICYMI: The Merge finally happened. Ether moved to a new, more eco-friendly version of its underlying Ethereum blockchain. Here are more of this week's big stories from the world of virtual money
The Ethereum blockchain's mega-upgrade finally went live on Sept. 15, moving it to a less energy-intensive "proof of stake" system with hardly a hiccup.
The next significant upgrade for Ethereum is the "Shanghai", expected by market participants in around six months' time, which is aimed at reducing its high transaction costs. The staked ether crypto coin - viewed as a bet on Ethereum's long-term success as it cannot be redeemed until Shanghai happens - is trading at nearly parity with ether at 0.989 ether, according to CoinMarketCap data, indicating confidence in future upgrades.Souvenir tokens representing cryptocurrency networks Bitcoin, Ethereum, Dogecoin and Ripple plunge into water in this illustration taken May 17, 2022.
"Because the Merge was delayed for several years, investors, traders, and end-users have a great deal of trepidation around when Ethereum will meaningfully scale," said Alex Thorn, head of firmwide research at blockchain-focused bank Galaxy Digital. However, institutional investors aren't jumping in just yet, as a fearsome macro environment chills the waters of risk appetite.
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The Merge Doesn’t Solve Ethereum’s 'Atomic Composability'The EthereumMerge reduced global energy conservation, but could it threaten the viability and sustainability of a healthy Web3 ecosystem?
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The ETH Merge Did Little to Energize a Tepid NFT MarketMany thought Ethereum's transition from proof-of-work to proof-of-stake would help reinvigorate the NFT market. But data shows little movement despite major improvements to the blockchain’s energy use, speed and scalability. elitanjourno reports
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Ethereum Miners’ $319M Crypto Hoard Hangs Over Market After MergeMiners dumped over 16,000 ETH, worth more than $20 million, in the past week, on-chain data showed. The Ethereum miners still have about 245,000 ETH left – and no longer any business affiliation with the blockchain network.
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