August 12, 2022


with the to merge Scheduled to launch in September, does Ethereum look ready for the next big step? ETH, for its part, recorded an uptrend in price action during the month of July. However, the usefulness of Ethereum depends on many sectors of Web 3.0. While Ethereum is the main digital currency, Ethereum leads other cryptocurrencies on a range of different fronts.

The countdown begins

The transition to the proof-of-stake mechanism is scheduled to launch on September 19. This is called the biggest change Until now on the Ethereum blockchain. Ethereum has responded well to the hype by taking center stage among cryptocurrencies since early July. Ether has also worked in tandem with the growing hype surrounding Ethereum.

data registered She revealed on Nansen that WETH remains the preferred token for smart money. There has been a significant increase in WETH accumulation since mid-April. Interestingly, the majority of smart money has held WETH for a longer period, with 76% of the tokens holding for 1-2 years or more.

Unique addresses on the network rose from 150K to nearly 490K in 12 months. This is still an achievement for Ethereum as the cryptocurrency market has fallen for most of the aforementioned period.

Source: Nansen

There is also increasing confidence for investors in the consolidation with share betting reaching new heights recently. Currently, 13.2 million ETH ($21.6 billion) has been deposited into storage. Among a total of 77.7 thousand unique depositors, Lido Finance and Kraken top the list with 4.1 million and 1.1 million ETH respectively.

The supply in the exchanges is still an important signal to understand the sentiment of the traders. ETH saw an outflow from exchanges of 24.6 million ETH to 22.2 million ETH in just over five months.

Source: Nansen

In DeFi as well, Ethereum leads the way among other cryptocurrencies with a clear dominance. In fact, Ethereum smashes all Layer-1 competitors in terms of TVL.

At press time, it had 65.32% of the market share with $58 billion in TVL. BSC ranks second with TVL just over $6.7 billion.

Source: Nansen

conclusion

This data helps make a strong case for Ethereum’s post-merger boom. They also attest to the growth of the Ethereum ecosystem in the broader crypto market. The merger itself is expected to bring a greater influx of Ethereum owners. At the same time, ETH reacts very well to increased hype.

ETH price has risen over 50% since last month and continues to flash green on the price chart. Well, there is reason to be positive about moving forward in the market.





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